AmeriVest Announces Pricing of 5,500,000 Share Common Stock Offering.

Business Editors

DENVER--(BUSINESS WIRE)--March 26, 2004

AmeriVest Properties Inc. (AMEX:AMV) announced today the pricing of a public offering of 5,500,000 shares of common stock at a price of $6.75 per share.

All of the shares are being sold by AmeriVest and the offering is expected to close on March 31, 2004.

RBC Capital Markets is acting as sole book-runner with Ferris, Baker Watts, Incorporated, BB&T Capital Markets, a division of Scott & Stringfellow, Inc., J.J.B. Hilliard, W.L. Lyons, Inc., and Stifel, Nicolaus & Company, Incorporated, serving as co-managers of the offering. The company has granted the underwriters an option to purchase an additional 825,000 shares to cover any over-allotments.

Copies of the prospectus relating to the offering may be obtained from RBC Capital Markets Corporation, 1 Liberty Plaza, 165 Broadway, New York, NY 10006-1404.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

Company Information

AmeriVest Properties Inc., with its principal office in Denver, Colorado, provides premium office space to small- and medium-size businesses primarily in Denver, Phoenix, Dallas, and Indianapolis through the acquisition, repositioning and operation of multi-tenant office buildings in those markets.

In addition to historical information, this press release contains forward-looking statements and information under the federal securities laws. These statements are based on expectations, estimates and projections about the industry and markets in which AmeriVest operates, management's beliefs and assumptions made by management. While AmeriVest management believes the assumptions underlying its forward-looking statements and information are reasonable, such information is necessarily subject to uncertainties and may involve certain risks, many of which are difficult to predict and are beyond management's control. As such, these statements and information are not guarantees of future performance, and actual operating results may differ materially from what is expressed or forecasted in this press release. In particular, the factors that could cause actual operating results and expectations to differ materially include, without limitation, uncertainty of, and customary conditions to, transaction closings, prevailing conditions in the capital markets, continued qualification as a real estate investment trust, the effects of general and local economic and market conditions, competition, regulatory changes, the ability to enter into new leases or renew leases on favorable terms, dependence on tenants' financial condition, the uncertainties of real estate development and acquisition activity, development and construction costs, insurance risks, the costs and availability of financing, potential liability relating to environmental matters and liquidity of real estate investments and other risks and uncertainties detailed in the prospectus with respect to this offering and AmeriVest's 2003 Annual Report on Form 10-KSB and from time to time in the Company's filings with the Securities and Exchange Commission.