Cogdell Spencer 8-K Cogdell Spencer Announces Commencement of Common Stock Offering

Exhibit 99.1

Media Contact: Dana Crothers
Marketing Director
704.940.2904
dcrothers@cogdellspencer.com

FOR IMMEDIATE RELEASE
TUESDAY, MAY 26, 2009

Cogdell Spencer Announces Commencement of Common Stock Offering

CHARLOTTE, N.C., May 26, 2009 /PRNewswire-FirstCall/ — Cogdell Spencer Inc. (NYSE: CSA) announced today that it commenced an underwritten public offering of 18,000,000 shares of common stock. Cogdell Spencer also plans to grant the underwriters an option to purchase up to an additional 2,700,000 shares of common stock. Citi and KeyBanc Capital Markets are acting as joint book-running managers.

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.

The underwriters have reserved for sale by the Company at the public offering price up to 1,000,000 of the shares of common stock offered in the offering for David J. Lubar, one of the Company’s directors. The shares of common stock sold to Mr. Lubar will not be 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.

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. Lean more about Cogdell Spencer Inc. and it subsidiaries athttp://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.

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