Previously we have purified annexin 1 [J. Neurochem. 56 (1991) 1985-1986] from pig cerebral cortex as a monomeric protein of 37 kDa. Here, the localization of annexin 1 was investigated in subcellular fractionations of rat cerebral cortex using immunodetection by a specific antibody. In contrast to synaptophysin, a specific synaptic vesicle integral membrane protein, annexin 1 is located in the synaptic plasma membrane fraction where it appears on SDS-PAGE as a polypeptide of 74 kDa. Annexin 1 is extracted also as a 74 kDa polypeptide from the purified synaptic plasma membranes. These results suggest for the 74 kDa molecular form an enzymatic dimerization of annexin 1 when associated to the membrane.