Cogdell Spencer Announces Pricing of Common Stock Offering

CHARLOTTE, N.C., May 27 /PRNewswire-FirstCall/ -- Cogdell Spencer Inc. (NYSE:
CSA) announced today that it priced an underwritten public offering of
20,000,000 shares of common stock at a price of $3.50 per share. Cogdell
Spencer also has granted the underwriters an option to purchase up to an
additional 3,000,000 shares of common stock. Citi and KeyBanc Capital Markets
acted as joint book-running managers and Raymond James, BB&T Capital Markets
and Morgan Keegan & Company, Inc. acted as co-managers.

Net proceeds from the offering will be approximately $66.8 million (or
approximately $76.8 million if the underwriters exercise their option to
purchase additional shares in full). The Company intends to use the net
proceeds from the offering to fund a $50 million repayment under Erdman's
senior secured term loan, to reduce borrowings under the secured revolving
credit facility and for working capital purposes.

David J. Lubar, one of the Company's directors, purchased 1,000,000 shares of
common stock in the offering at the public offering price. The shares of
common stock sold to Mr. Lubar were not subject to any underwriting discount.

The common stock will be issued pursuant to an effective registration
statement on Form S-3 that was previously filed with the Securities and
Exchange Commission. The offering is expected to close on June 1, 2009,
subject to customary closing conditions.

This communication shall not constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of these securities in any
state or other jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the securities laws
of any such state or other jurisdiction. A copy of the prospectus relating to
these securities may be obtained, when available, from Citi, Prospectus
Department, Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, New
York 11220 or by calling 800-831-9146 or KeyBanc Capital Markets (Prospectus
Department) 800 Superior Avenue, 17th Floor, Cleveland, OH 44114 or by calling
216-443-2370.

About Cogdell Spencer Inc.
Charlotte-based Cogdell Spencer Inc. (NYSE: CSA) is a fully-integrated,
self-administered and self-managed real estate investment trust that invests
in specialty office buildings for the medical profession, including medical
offices, ambulatory surgery and diagnostic centers. The Company focuses on the
ownership, delivery, acquisition, and management of strategically located
medical office buildings and other healthcare related facilities in the United
States of America. The Company has been built around understanding and
addressing the full range of specialized real estate needs of the healthcare
industry. Learn more about Cogdell Spencer Inc. and it subsidiaries at
http://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: our business
strategy; our ability to comply with financial covenants in our debt
instruments; our access to capital; our ability to obtain future financing
arrangements; estimates relating to our future distributions; our
understanding of our competition; our ability to renew ground leases;
legislative and regulatory changes (including changes to laws governing the
taxation of REITs and individuals); increases in costs of borrowing as a
result of changes in interest rates and other factors; our ability to maintain
our qualification as a REIT due to economic, market, legal, tax or other
considerations; changes in the reimbursement available to our tenants by
government or private payors; our tenants' ability to make rent payments;
defaults by tenants; Erdman's customers' access to financing; delays in
project starts and cancellations by Erdman's customers; the timing of capital
expenditures by healthcare systems and providers; market trends; and projected
capital expenditures. 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 Annual Report on Form 10-K for
the year ended December 31, 2008. 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.

SOURCE Cogdell Spencer Inc.

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