Real Estate Central

CHARLOTTE, N.C., Aug. 21 /PRNewswire-FirstCall/ — Cogdell Spencer Inc.
(NYSE: CSA) announced today that it has signed a joint venture operating
agreement with Northwestern Mutual to form CSA Medical Partners LLC, a
joint venture to acquire medical office buildings.

The joint venture expects to acquire up to approximately $350 million
of medical office buildings and other healthcare facilities nationwide,
predominantly associated with not-for-profit healthcare systems and large
physician-owned clinics. Cogdell Spencer will contribute 20% of the equity
capital to fund future acquisitions in this joint venture.

Cogdell Spencer expects to use this partnership to continue to serve
its clients in both new and existing markets. The partnership allows the
newly transformed Cogdell Spencer to continue to meet its clients’ needs,
as it allows the provision of additional liquidity options. The joint
venture will be Cogdell Spencer’s exclusive vehicle for cash acquisitions.

“This is a great opportunity for us to continue our growth strategy and
serve the expanding needs of our clients,” said Frank Spencer, President
and CEO of Cogdell Spencer Inc.

Cogdell Spencer will earn market based fees associated with the
properties acquired by the joint venture.

Banc of America Securities LLC acted as financial advisor and Clifford
Chance US LLP acted as legal advisor to Cogdell Spencer.

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. 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
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; 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.

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[Via Real Estate Newswire]