Cogdell Spencer CSA to Break Ground on Lancaster Rehabilitation Hospital
LANCASTER, Pa., July 24 -- Cogdell Spencer Inc.
(NYSE: CSA) announced today that the ground breaking event on Lancaster
Rehabilitation Hospital will be held at 8 a.m. on Friday, July 28, 2006 at
the Lancaster General Health Campus. The 52,800 square foot rehabilitation
facility will be owned by Cogdell Spencer Inc. and leased to an operating
joint venture composed of St. Louis-based Centerre Healthcare Corp. and
Lancaster General Hospital.
Cogdell Spencer Inc. is developing the single-story rehabilitation
hospital that will include a therapeutic pool, gymnasium, 50 private rooms
and space for intensive inpatient physical rehabilitation following
strokes, trauma or other health care problems that result in severe
Lancaster General, the dominant healthcare provider in the region, is a
new client relationship for Cogdell Spencer Inc. The not-for-profit
hospital system has strong local leadership and community ties, and has
been named one of the America's 100 Top Hospitals seven out of the past
Entry into the Lancaster region marks the eleventh state for the
expanding team at Cogdell Spencer Inc., and launches development outside of
the original southeastern company footprint since the company went public
just eight months ago. This project is the fourth new market addition for
the healthcare real estate company since the beginning of the year. The
company has acquired medical office buildings in Indianapolis, IN,
Glendale, CA and Richmond, VA.
"Cogdell Spencer has an excellent development track record," said Frank
Spencer, President and Chief Executive Officer for Cogdell Spencer Inc. "We
are excited about bringing this value added service to new markets."
Lancaster Rehabilitation Hospital is being constructed on a 6.39-acre
tract along Good Drive, in East Hempfield Township and is part of the
Lancaster General Health Campus. The facility is scheduled for completion
and occupancy in June 2007. The hospital will replace a 27-bed
rehabilitation unit on the fourth floor of Lancaster General's Duke Street
hospital, located in downtown Lancaster City.
"Lancaster General is a first class organization, and Cogdell Spencer
is proud to have the opportunity to work with both this institution and the
Centerre group," said Devereaux Gregg, Vice President of Development for
Cogdell Spencer Inc. "The patients and families using this rehabilitation
hospital will benefit greatly from the care, planning and vision that made
this project a reality."
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, 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
About Lancaster General
Lancaster General is a non-profit health system of more than 40
healthcare providers including Lancaster General Hospital, Lancaster
General Health Campus, Lancaster General Women & Babies Hospital and
Lancaster General Medical Group. A Magnet hospital and one of America's 100
Top Hospitals seven out of the last nine years, Lancaster General Hospital
is the keystone of the health system and holds a national and regional
reputation for clinical and operational excellence. For more information
about Lancaster General, visit http://www.LancasterGeneral.org .