SECURITIES & EXCHANGE COMMISSION
                             Washington, D.C. 20549
                             ----------------------

                                  SCHEDULE 13G



                            Cogdell Spencer Inc.
                                (Name of Issuer)

                          Common Stock, $.01 Par Value
                         (Title of Class of Securities)

                                    19238U107
                                 (CUSIP Number)

                                 December 5, 2011
             (Date of event which requires filing of this statement)

     Check the appropriate box to designate the rule pursuant to which this
Schedule 13G is filed:

     [ ]  Rule 13d-1(b)
     [X]  Rule 13d-1(c)
     [ ]  Rule 13d-1(d)

                           (Page 1 of 11 Pages)
---------------
     *The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter the disclosures provided in a prior cover page.

     The information required in the remainder of this cover page shall not be
deemed to be "filed" for purposes of Section 31 of the Securities Exchange Act
of 1934 ("Act") or otherwise subject to the liabilities of that section of the
Act but shall be subject to all other provisions of the Act (however, see the
Notes).






CUSIP No. 19238U107                      13G             Page 2 of 11 Pages


-----------------------------------------------------------------------
     (1)    NAMES OF REPORTING PERSONS

                              V3 Realty Partners, L.P.

-----------------------------------------------------------------------
     (2)    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
                                                               (a)  [ ]
                                                               (b)  [X]
-----------------------------------------------------------------------
     (3)    SEC USE ONLY
-----------------------------------------------------------------------
     (4)    CITIZENSHIP OR PLACE OF ORGANIZATION
                                             Delaware

-----------------------------------------------------------------------
NUMBER OF      (5)  SOLE VOTING POWER
                                                -0-
SHARES         --------------------------------------------------------

BENEFICIALLY   (6)  SHARED VOTING POWER
                                               2,267,819
OWNED BY       --------------------------------------------------------

EACH           (7)  SOLE DISPOSITIVE POWER
                                                -0-
REPORTING      --------------------------------------------------------

PERSON WITH    (8)  SHARED DISPOSITIVE POWER
                                               2,267,819
-----------------------------------------------------------------------
     (9)     AGGREGATE AMOUNT BENEFICIALLY OWNED
             BY EACH REPORTING PERSON
                                               2,267,819
-----------------------------------------------------------------------
     (10)    CHECK BOX IF THE AGGREGATE AMOUNT
             IN ROW (9) EXCLUDES CERTAIN SHARES                [ ]
-----------------------------------------------------------------------
     (11)    PERCENT OF CLASS REPRESENTED
             BY AMOUNT IN ROW (9)
                                                4.4%
-----------------------------------------------------------------------
     (12)    TYPE OF REPORTING PERSON

PN

-----------------------------------------------------------------------


CUSIP No. 19238U107                      13G             Page 3 of 11 Pages


-----------------------------------------------------------------------
     (1)    NAMES OF REPORTING PERSONS

                              V3 Trading Vehicle, L.P.

-----------------------------------------------------------------------
     (2)    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
                                                               (a)  [ ]
                                                               (b)  [X]
-----------------------------------------------------------------------
     (3)    SEC USE ONLY
-----------------------------------------------------------------------
     (4)    CITIZENSHIP OR PLACE OF ORGANIZATION
                                             Cayman Islands
-----------------------------------------------------------------------
NUMBER OF      (5)  SOLE VOTING POWER
                                                -0-
SHARES         --------------------------------------------------------

BENEFICIALLY   (6)  SHARED VOTING POWER
                                                577,024
OWNED BY       --------------------------------------------------------

EACH           (7)  SOLE DISPOSITIVE POWER
                                                  -0-
REPORTING      --------------------------------------------------------

PERSON WITH    (8)  SHARED DISPOSITIVE POWER
                                                577,024
-----------------------------------------------------------------------
     (9)     AGGREGATE AMOUNT BENEFICIALLY OWNED
             BY EACH REPORTING PERSON
                                                 577,024
-----------------------------------------------------------------------
     (10)    CHECK BOX IF THE AGGREGATE AMOUNT
             IN ROW (9) EXCLUDES CERTAIN SHARES              [ ]
-----------------------------------------------------------------------
     (11)    PERCENT OF CLASS REPRESENTED
             BY AMOUNT IN ROW (9)

                                                1.1%
-----------------------------------------------------------------------
     (12)    TYPE OF REPORTING PERSON
                                                 PN
-----------------------------------------------------------------------




CUSIP No. 19238U107                      13G             Page 4 of 11 Pages


-----------------------------------------------------------------------
     (1)    NAMES OF REPORTING PERSONS

                              V3 Capital Advisors, LLC

-----------------------------------------------------------------------
     (2)    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
                                                               (a)  [ ]
                                                               (b)  [X]
-----------------------------------------------------------------------
     (3)    SEC USE ONLY
-----------------------------------------------------------------------
     (4)    CITIZENSHIP OR PLACE OF ORGANIZATION
                                             Delaware
-----------------------------------------------------------------------
NUMBER OF      (5)  SOLE VOTING POWER
                                                -0-
SHARES         --------------------------------------------------------

BENEFICIALLY   (6)  SHARED VOTING POWER
                                                2,844,843
OWNED BY       --------------------------------------------------------


EACH           (7)  SOLE DISPOSITIVE POWER
                                                  -0-
REPORTING      --------------------------------------------------------

PERSON WITH    (8)  SHARED DISPOSITIVE POWER
                                                2,844,843
-----------------------------------------------------------------------
     (9)     AGGREGATE AMOUNT BENEFICIALLY OWNED
             BY EACH REPORTING PERSON
                                                  2,844,843
-----------------------------------------------------------------------
     (10)    CHECK BOX IF THE AGGREGATE AMOUNT
             IN ROW (9) EXCLUDES CERTAIN SHARES           [ ]
-----------------------------------------------------------------------
     (11)    PERCENT OF CLASS REPRESENTED
             BY AMOUNT IN ROW (9)
                                                5.6%
-----------------------------------------------------------------------
     (12)    TYPE OF REPORTING PERSON
                                                 OO
-----------------------------------------------------------------------


CUSIP No. 19238U107                      13G             Page 5 of 11 Pages


-----------------------------------------------------------------------
     (1)    NAMES OF REPORTING PERSONS

                              V3 Capital Management, L.P.

-----------------------------------------------------------------------
     (2)    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
                                                               (a)  [ ]
                                                               (b)  [X]
-----------------------------------------------------------------------
     (3)    SEC USE ONLY
-----------------------------------------------------------------------
     (4)    CITIZENSHIP OR PLACE OF ORGANIZATION
                                             Delaware
-----------------------------------------------------------------------
NUMBER OF      (5)  SOLE VOTING POWER
                                                -0-
SHARES         --------------------------------------------------------

BENEFICIALLY   (6)  SHARED VOTING POWER
                                                2,844,843
OWNED BY       --------------------------------------------------------


EACH           (7)  SOLE DISPOSITIVE POWER
                                                  -0-
REPORTING      --------------------------------------------------------

PERSON WITH    (8)  SHARED DISPOSITIVE POWER
                                                2,844,843
-----------------------------------------------------------------------
     (9)     AGGREGATE AMOUNT BENEFICIALLY OWNED
             BY EACH REPORTING PERSON
                                                  2,844,843
-----------------------------------------------------------------------
     (10)    CHECK BOX IF THE AGGREGATE AMOUNT
             IN ROW (9) EXCLUDES CERTAIN SHARES           [ ]
-----------------------------------------------------------------------
     (11)    PERCENT OF CLASS REPRESENTED
             BY AMOUNT IN ROW (9)
                                                5.6%
-----------------------------------------------------------------------
     (12)    TYPE OF REPORTING PERSON
                                                 OO
-----------------------------------------------------------------------




CUSIP No. 19238U107                      13G             Page 6 of 11 Pages


-----------------------------------------------------------------------
     (1)    NAMES OF REPORTING PERSONS

                              Charles Fitzgerald
-----------------------------------------------------------------------
     (2)    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
                                                               (a)  [ ]
                                                               (b)  [X]
-----------------------------------------------------------------------
     (3)    SEC USE ONLY
-----------------------------------------------------------------------
     (4)    CITIZENSHIP OR PLACE OF ORGANIZATION
                                             United States of America
-----------------------------------------------------------------------
NUMBER OF      (5)  SOLE VOTING POWER
                                               -
SHARES         --------------------------------------------------------

BENEFICIALLY   (6)  SHARED VOTING POWER
                                                2,844,843
OWNED BY       --------------------------------------------------------

EACH           (7)  SOLE DISPOSITIVE POWER      -

REPORTING      --------------------------------------------------------

PERSON WITH    (8)  SHARED DISPOSITIVE POWER
                                                2,844,843
-----------------------------------------------------------------------
     (9)     AGGREGATE AMOUNT BENEFICIALLY OWNED
             BY EACH REPORTING PERSON
                                                 2,844,843
-----------------------------------------------------------------------
     (10)    CHECK BOX IF THE AGGREGATE AMOUNT
             IN ROW (9) EXCLUDES CERTAIN SHARES           [ ]
-----------------------------------------------------------------------
     (11)    PERCENT OF CLASS REPRESENTED
             BY AMOUNT IN ROW (9)
                                                5.6%
-----------------------------------------------------------------------
     (12)    TYPE OF REPORTING PERSON
                                                 IN
-----------------------------------------------------------------------



CUSIP No. 19238U107                      13G             Page 7 of 11 Pages

Item 1(a).     Name of Issuer:

The name of the issuer is Cogdell Spencer Inc. (the "Company").

Item 1(b).     Address of Issuer's Principal Executive Offices:

4401 Barclay Downs Drive, Suite 300
Charlotte, NC  28209


Item 2(a).     Name of Person Filing:

     This statement is filed by:


        (i)  V3 Realty Partners, L.P., a Delaware limited partnership
("V3RP"), with respect to shares of Common Stock (as defined in item 2(d)
below) directly owned by it;

             (ii)  V3 Trading Vehicle, L.P. a Cayman Islands exempted
limited partnership ("V3TV" and together with V3RP, the "Partnerships")
with respect to shares of Common Stock directly owned by it (and V3 Realty
Partners Offshore Fund, Ltd. invests through V3TV and is advised by the
Investment Manager);

	(iii) V3 Capital Advisors, LLC, a Delaware limited liability
company (the "General Partner") which serves as the general partner
of the Partnerships with respect to shares of Common Stock directly
owned by each of  the Partnerships;

	(iv) V3 Capital Management, L.P., a Delaware limited partnership
(the "Investment Manager") which serves as the investment manager to the
Partnerships with respect to shares of Common Stock directly owned by
each of the Partnerships;

	(vi)  Mr. Charles Fitzgerald ("Mr. Fitzgerald") who serves
as the managing member of the General Partner with respect to shares of
Common Stock directly owned by the Partnerships.

The Partnerships, the General Partner, the Investment Manager, and Mr.
Fitzgerald are hereinafter sometimes collectively referred to as the
"Reporting Persons."

The filing of this statement should not be construed as an admission that
any of the Reporting Persons is, for the purposes of Section 13 of the Act,
the beneficial owner of the Common Stock reported herein.




CUSIP No. 19238U107                      13G             Page 8 of 11 Pages



Item 2(b).     Address of Principal Business Office or, if None, Residence:

     The address of the business office of each of the Reporting Persons is
535 Madison Avenue New York, NY 10022.

Item 2(c) Citizenship:

V3 Realty Partners, L.P., the Managing Member, the General Partner, and
the Investment Manager are each organized under the laws of the State of
Delaware. V3 Trading Vehicle, L.P. is organized under the exempted limited
partnership laws of the Cayman Islands. Mr. Fitzgerald is a citizen of the
United States of America.

Item 2(d).     Title of Class of Securities:

     Common Stock, $.01 Par Value (the "Common Stock")

Item 2(e).  CUSIP Number:
     19238U107


Item 3. If this statement is filed pursuant to Rules 13d-1(b) or
13d-2(b) or(c), check whether the person filing is a:

     (a)  [ ]  Broker or dealer registered under Section 15 of the Act,
     (b)  [ ]  Bank as defined in Section 3(a)(6) of the Act,
     (c)  [ ]  Insurance Company as defined in Section 3(a)(19) of the
              Act,
     (d)  [ ]  Investment Company registered under Section 8 of the
               Investment Company Act of 1940,
     (e)  [ ]  Investment Adviser in accordance with Rule
              13d-1(b)(1)(ii)(E),
     (f)  [ ]  Employee Benefit Plan or Endowment Fund in accordance
              with Rule 13d-1(b)(1)(ii)(F),
     (g)  [ ]  Parent Holding Company or control person in accordance
            with Rule 13d-1(b)(1)(ii)(G),
     (h)  [ ]  Savings Association as defined in Section 3(b) of the
             Federal Deposit Insurance Act,
     (i)  [ ]  Church Plan that is excluded from the definition of an
          investment company under Section 3(c)(14) of the Investment
            Company Act of 1940,
    (j)  [ ]  A non-U.S. institution in accordance with Rule 13d-1(b)(1)(ii)(J);
    (k)  [ ]  Group, in accordance with Rule 13d-1(b)(1)(ii)(K).

If this statement is filed pursuant to 13d-1(c), check this box:  [X]



CUSIP No. 19238U107                      13G            Page 9 of 11 Pages

Item 4.   Ownership.

The information required by Items 4(a) - (c) is set forth in Rows 5 - 11 of
the cover page for each Reporting Person hereto and is incorporated herein
by reference for each such Reporting Person.

The Company's Quarterly Report for the quarterly period ended
September 30, 2011 on Form 10-Q filed on November 8, 2011, indicates there
were 51,122,100 shares of Common Stock outstanding as of November 2, 2011.

Item 5.     Ownership of Five Percent or Less of a Class.

     Not applicable.



Item 6.     Ownership of More than Five Percent on Behalf of Another Person.

Each of the Partnerships is a private investment partnership, the
sole general partner of which is the General Partner.  As the sole general
partner of each of the Partnerships, the General Partner has
the power to vote and dispose of the securities owned by each of the
Partnerships and, accordingly, may be deemed the "beneficial owner"
of such securities.  The managing member of the General Partner is
Charles Fitzgerald.

Mr. Fitzgerald is solely responsible for investment management duties.



Item 7.    Identification and Classification of the Subsidiary Which Acquired
the Security Being Reported on by the Parent Holding Company.

     Not applicable.


Item 8.  Identification and Classification of Members of the Group.

     Not applicable.

Item 9.  Notice of Dissolution of Group.

     Not applicable.










CUSIP No. 19238U107                      13G            Page 10 of 11 Pages

Item 10.  Certification.

    Each of the Reporting Persons hereby makes the following certification:

By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are not held for
the purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.


SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.

DATED:  December 15, 2011

                             /s/ Charles Fitzgerald
                           ------------------------------------

                           Charles Fitzgerald
                           Individually;
                           And as managing member of:
                           (I) V3 Capital Advisors, LLC,
                           for itself and as general partner of:
                                (A) V3 Realty Partners, L.P.; and
                                (B) V3 Trading Vehicle, L.P.
             (II) the general partner of the Investment Manager








CUSIP No. 19238U107                      13G            Page 11 of 11 Pages

JOINT ACQUISITION STATEMENT
PURSUANT TO RULE 13d-1(k)
The undersigned acknowledge and agree that the foregoing statement on
Schedule 13G is filed on behalf of each of the undersigned and that all
subsequent amendments to this statement on Schedule 13G, shall be filed
on behalf of each of the undersigned without the necessity of filing
additional joint acquisition statements.

The undersigned acknowledge that each shall be responsible for the
timely filing of such amendments, and for the completeness and accuracy
of the information concerning him or it contained therein, but shall
not be responsible for the completeness and accuracy of the information
concerning the others, except to the extent that he or it knows or has
reason to believe that such information is inaccurate.


DATED:  December 15, 2011

   /s/ Charles Fitzgerald
                           ------------------------------------

                           Charles Fitzgerald
                           Individually;
                           And as managing member of:
                           (I) V3 Capital Advisors, LLC,
                           for itself and as general partner of:
                                (A) V3 Realty Partners, L.P.; and
                                (B) V3 Trading Vehicle, L.P.
(II) the general partner of the Investment Manager
DOC ID-17794906.4