CHARLOTTE, N.C., Sept. 2 /PRNewswire-FirstCall/ -- Cogdell Spencer Inc. (NYSE: CSA) announces the signing of a definitive agreement to develop a $22.4 million medical office building and outpatient treatment center in Pensacola, Florida.
The 75,985 square foot facility is the first synergy project since the closing of the merger with Marshall Erdman and Associates (now Erdman, A Cogdell Spencer Company). The project will include design/build (architectural, engineering and construction), development, and property management services.
The three-story project will be located on the 4700 block of North Davis Highway between the intersections of Royce Street and Hewitt Street. It is 100 percent pre-leased and site work is scheduled to begin the fourth week of September 2008, with completion scheduled for December 2009.
This project represents a new market for Cogdell Spencer Inc., which is now the nation's most integrated healthcare real estate facilities company, offering services from concept through long-term ownership and management. Cogdell Spencer Inc. will own 40 percent of the project, with a local physician group owning 60 percent. Cogdell Spencer Advisors will manage the property upon completion.
"We are extremely pleased with this, our first full service synergy project with Erdman," notes Frank Spencer, President and Chief Executive Officer of Cogdell Spencer Inc., "The complementary offerings from our recent merger has allowed us to provide clients with complete real estate services under one roof."
About Cogdell Spencer Inc.
Charlotte-based Cogdell Spencer Inc. (NYSE: CSA) is a fully-integrated, self-administered and self managed real estate investment trust (REIT) that invests in specialty office buildings for the medical profession, including medical offices, ambulatory surgery and diagnostic centers. At present, the Cogdell Spencer Inc. portfolio consists of 62 wholly owned properties and consolidated joint ventures, three unconsolidated joint venture properties and 51 managed medical office buildings. On March 10, 2008, Cogdell Spencer Inc. merged with Marshall Erdman & Associates (http://www.erdman.com). As the leader in healthcare design-build, Erdman brings a new range of offerings to Cogdell Spencer's clients. Welcome to the new Cogdell Spencer Inc. For more information on Cogdell Spencer Inc., please visit the Company's website at http://www.cogdellspencer.com .
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. The
forward-looking statements reflect the Company's views about future events
and are subject to risks, uncertainties, assumptions and changes in
circumstances that may cause actual results to differ materially. Factors
that may contribute to these differences include, but are not limited to
the following: market trends; our ability to obtain future financing
arrangements; our ability to renew ground leases; our ability to integrate
the operations of Marshall Erdman & Associates with our operations;
defaults by tenants; and changes in the reimbursement available to our
tenants by government or private payors. For a further list and description
of such risks and uncertainties, see the reports filed by the Company with
the Securities and Exchange Commission, including the Company's Form 10-K
for the year ended December 31, 2007. Although the Company believes the
expectations reflected in such forward-looking statements are based on
reasonable assumptions, it can give no assurance that its expectations will
be realized. The Company disclaims any intention or obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
Frank C. Spencer
President and Chief Executive Officer
Charles M. Handy
Chief Financial Officer
|SOURCE Cogdell Spencer Inc.|
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