Cogdell Spencer Announces Commencement of Common Stock Offering

CHARLOTTE, N.C., March 19 /PRNewswire-FirstCall/ -- Cogdell Spencer Inc. (NYSE: CSA) announced today that it commenced an underwritten public offering of 3,250,000 shares of common stock plus an option to purchase up to an additional 487,500 shares within a 30-day period to cover overallotments, if any. Banc of America Securities LLC is acting as the sole book-running manager for the offering, with KeyBanc Capital Markets, a division of McDonald Investments Inc., acting as a lead manager, BB&T Capital Markets acting as senior co-manager and BMO Capital Markets Corp. acting as co-manager. The Company intends to use the net proceeds from the offering to reduce borrowings under its unsecured revolving credit facility and any net proceeds remaining will be used for working capital purposes, including potential future development and acquisition activities. As of March 16, 2007, the interest rate on the borrowings the Company may repay under its unsecured revolving credit facility is 6.62%.

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.

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 Banc of America Securities LLC, Capital Markets (Prospectus Fulfillment) by email to dg.prospectus_distribution@bofasecurities.com or by mail to Banc of America Securities LLC, Capital Markets Operations, 100 West 33rd Street, 3rd Floor, New York, NY 10001.

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 50 wholly owned properties, four joint venture properties, and 58 managed medical office buildings. For more information on Cogdell Spencer Inc., please visit the Company's web site 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: market trends; our ability to obtain future financing arrangements; our ability to renew ground leases; 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, 2006. 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