Cogdell Spencer Announces First Synergy Project in Pensacola, Florida

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 (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
www.cogdellspencer.com .
Forward-Looking Statements
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.
Other Contacts

General Inquiries:
Frank C. Spencer
President and Chief Executive Officer
Tel: 704.940.2926
fspencer@cogdellspencer.com

Financial Inquiries:
Charles M. Handy
Chief Financial Officer
Tel: 704.940.2914
chandy@cogdellspencer.com

SOURCE Cogdell Spencer Inc.

Media: Dana Crothers, Marketing Director, +1-704-940-2904,
dcrothers@cogdellspencer.com, General Inquiries, Frank C. Spencer, President
and Chief Executive Officer, +1-704-940-2926, fspencer@cogdellspencer.com,
Financial Inquiries, Charles M. Handy, Chief Financial Officer,
+1-704-940-2914, chandy@cogdellspencer.com, all of Cogdell Spencer Inc.