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COGDELL SPENCER TO DEVELOP $100 MILLION RIVERSIDE OUTPATIENT CAMPUS

BETHLEHEM, PA. — Cogdell Spencer, a Charlotte, N.C.-based REIT, along with St. Luke’s Hospital and Health Network, is developing Riverside Outpatient Campus in Bethlehem. The $100 million project will feature a cancer center, an outpatient health care pavilion and two medical office buildings all totaling 383,000 square feet. Phase I includes the two medical office buildings, valued at between $35 and $40 million, which will be owned in a single investment entity by Cogdell Spencer and physician investors. Phase I will be situated on 55 acres at Freemansburg Avenue and Route 33. The balance of the project will be developed by Cogdell Spencer but owned by St. Luke’s, the primary tenant. The project is slated for completion third quarter 2009.

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