Cogdell Spencer Announces Pricing of Common Stock Offering

CHARLOTTE, N.C., Sept. 10 /PRNewswire-FirstCall/ -- Cogdell Spencer Inc. (NYSE: CSA) announced today that it priced an underwritten public offering of 2,160,000 shares of common stock at a price of $18.50 per share. Cogdell Spencer has granted the underwriters an option to purchase up to an additional 324,000 shares of common stock at any time within 30 days after the offering. Banc of America Securities LLC, KeyBanc Capital Markets Inc. and Citi acted as joint book-running managers and Raymond James, BMO Capital Markets and Janney Montgomery Scott LLC acted as co-managers.

Gross proceeds from the offering will be approximately $40 million (or approximately $46 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 reduce borrowings under its secured revolving credit facility and for working capital purposes.

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 September 16, 2008, 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 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, KeyBanc Capital Markets Inc. (Prospectus Department) 800 Superior Avenue, 17th Floor, Cleveland, OH 44114 or Citi (Prospectus Department, Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, NY 11220).

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. 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. 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: our business strategy; our ability to integrate Erdman; our ability to obtain future financing arrangements; estimates relating to our future distributions; our understanding of our competition; our ability to renew ground leases; changes in the reimbursement available to our tenants by government or private payors; our tenants' ability to make rent payments; defaults by tenants; 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, 2007 and Quarterly Report on Form 10-Q for the quarter ended June 30, 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.