CHARLOTTE, N.C., Jan. 21 /PRNewswire-FirstCall/ -- Erdman, A Cogdell
Spencer Company, a subsidiary of Cogdell Spencer Inc. (NYSE: CSA) announces
that it broke ground earlier this week on two new medical office projects in
the Southeast, totaling almost 115,000 square feet.
The two projects, a $21 million medical office building and ambulatory
surgery center in Jackson, Tennessee and a $1.75 million cancer center in
Mebane, North Carolina represent new and existing markets and relationships
for the Company.
The Medical Center Physicians Tower, a 106,772 square foot medical office
building (MOB) and ambulatory surgery center (ASC) in Jackson, Tennessee marks
the first project with West Tennessee Healthcare, Inc and is located on the
campus of Jackson -- Madison County General Hospital. The five-story facility
will feature an attached eight level parking deck. Both the MOB and parking
deck will be connected to a pedestrian walkway that ties directly to the
hospital.
This project represents a new market and a new relationship for the
Company, which offers services from concept through long-term ownership and
management. West Tennessee Healthcare, Inc. will lease approximately 67,000
square feet for its ambulatory surgery center, neurosciences group and
pharmacy. The project is currently 75 percent pre-leased and the remaining
space is being marketed to local area physician groups.
Erdman is the developer on the project, Robins & Morton of Birmingham,
Alabama is the general contractor on this project while RPA Design, based in
Charlotte, North Carolina, is the project architect on both the Tennessee and
Mebane projects. Upon completion, Cogdell Spencer Inc. will own 50 percent of
the project, with West Tennessee Healthcare, Inc. and local physicians owning
50 percent. Medical Center Physicians Tower is scheduled for completion
during the first quarter of 2010.
"We are pleased to be working with West Tennessee Healthcare to provide
state-of-the-art medical facilities for existing physicians and recruitment of
new physicians on the campus of Jackson-Madison County General Hospital,"
notes Susan Dorr, Erdman's Development Executive in the Southeast Region.
The second project is an expansion of the existing outpatient facility,
Alamance Regional Mebane Outpatient Center, located in Mebane, North Carolina.
The Company completed a medical office building and ambulatory surgery center
for Alamance Regional Medical Center in 2007. Samet Corporation, based in
Greensboro North Carolina is the general contractor on this project. The
7,890 square foot addition will house a cancer center and is scheduled for
completion during the third quarter of 2009.
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 and ambulatory surgery and diagnostic centers. The Company
focuses on the ownership, development, redevelopment, acquisition, and
management of strategically located medical office buildings and other
healthcare related facilities in the United States of America. Erdman, A
Cogdell Spencer Company, provides service offerings including strategic
planning development, design, and construction. The Company is built around
understanding and addressing the full range of specialized real estate needs
of the healthcare industry. Learn more about Cogdell Spencer Inc. and its
subsidiaries at www.cogdellspencer.com and www.erdman.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.
SOURCE Cogdell Spencer Inc.