Advertisement
The two medical office buildings are valued between $35 and $40 millionand will be owned in a single investment entity by Cogdell Spencer andphysician investors. The balance of the project will be developed by CogdellSpencer but owned by St. Luke's. St. Luke's hospital will be the primarytenant of the combined project.
Advertisement
The $100 million project is scheduled for completion during the thirdquarter of 2009. Ground breaking will begin immediately.
The St. Luke's Riverside Campus first phase new medical facility will belocated on 55 acres at Freemansburg Avenue and Route 33, approximately 5 milesfrom the main St. Luke's hospital campus. The project was previouslyannounced at an onsite ceremony late in the 3rd quarter of 2007.
"Cogdell Spencer and St. Luke's Hospital are pleased to bring the qualityof care and patient convenience this state-of-the-art medical office park willoffer to Bethlehem Township and the Northampton County area," notes DevereauxGregg, Vice President of Development for Cogdell Spencer Inc.
This new development with St. Luke's Hospital marks a new client and a newmarket for Cogdell Spencer. The relationship with St. Luke's Hospital furthersthe company's strategic plan of aligning with dominant, non-profit hospitalsystems with strong local decision making.
"We believe this type of relationship will be the norm for Cogdell Spencergoing forward," said CEO Frank Spencer. "Combining investment for our ownaccount with fees for broader development services provides our clients withcomprehensive project delivery and our shareholders with enhanced returns."
This project will mark the second major development relationship inPennsylvania for Cogdell Spencer. Earlier in 2007, the company completed twonew on-campus projects with the Lancaster General Hospital of Lancaster,Pennsylvania. As part of the company's commitment to the eastern Pennsylvaniamarket, Cogdell Spencer will be opening a full-service development andproperty management office in Bethlehem, Pennsylvania.
Wilmot/Sanz, Inc. of Gaithersburg, Maryland is the architectural firm onthe project.
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) thatinvests in specialty office buildings for the medical profession, includingmedical offices, ambulatory surgery and diagnostic centers. At present, theCogdell Spencer Inc. portfolio consists of 59 wholly owned properties, fivejoint ventures and 57 managed medical office buildings. For more informationon Cogdell Spencer Inc., please visit the Company's website atwww.cogdellspencer.com.
SOURCE Cogdell Spencer Inc.
