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Cogdell Spencer Announces First Synergy Project in Pensacola, Florida
Date:9/2/2008

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:

SOURCE Cogdell Spencer Inc.
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