New Carolina Forest Medical Plaza Breaks Ground in Myrtle Beach

MYRTLE BEACH, S.C., June 15 /PRNewswire-FirstCall/ -- Cogdell Spencer Inc. (NYSE:CSA) broke ground this week on Carolina Forest Medical Plaza. The 41,000 square foot medical office building is anchored by Grand Strand Regional Medical Center. Grand Strand will run an imaging center and open its third Senior Center at the Carolina Forest location.

Carolina Forest Medical Plaza is an expansion of Cogdell Spencer's presence in the ever-growing Grand Strand market. River Hills Medical Plaza, also anchored by Grand Strand Regional Medical Center, was completed in 1999.

"Carolina Forest is the place to be on the Grand Strand," said Devereaux Gregg, Vice President of Development for Cogdell Spencer. "The growth opportunities and high quality development were key factors in our decision to expand at this location."

Carolina Forest is a 12,000 acre master-planned community located west of the Intracoastal Waterway in Horry County, South Carolina. It is easily accessible via the Carolina Bays Parkway (S.C. 31) and International Boulevard/Robert Grissom Parkway Interchange.

The development plans include single family neighborhoods, retail stores, hotels, restaurants, professional and medical office buildings and an upscale multi-family development. Three new schools are currently under construction.

Carolina Forest Medical Plaza was 50 percent leased at ground breaking and construction is scheduled for completion in April 2007. "We expect to continue our expansion in Myrtle Beach, as we find top locations with strong healthcare partners," said Gregg.

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 49 wholly owned properties, eight joint ventures and 19 managed medical office buildings. For more information on Cogdell Spencer Inc., please visit the Company's website at http://www.cogdellspencer.com/ .


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