AmeriVest Announces Update on Liquidation Sales Process.

DENVER -- AmeriVest Properties Inc. (AMEX:AMV), a real estate investment trust serving small- to medium-size office tenants, announced today that it has received multiple offers to purchase all or a portion of its real properties pursuant to its previously announced Plan of Liquidation approved by stockholders at its annual meeting on May 24, 2006.

Marketing information regarding the properties was released to over 4,000 prospective purchasers on May 1, 2006. More than 200 confidentiality agreements were signed with interested parties, providing them with more detailed financial and operational information. The Company received these proposals in response to its initial call for offers. The Company is evaluating and clarifying the offers received and expects to complete a best and final bidding round and its evaluation of the results within the next two to four weeks, at which time negotiation of a definitive purchase and sale agreement or agreements with the successful bidder or bidders will begin. The Company does not expect to make further announcements regarding the sales process until one or more material definitive agreements have been completed. There can be no assurance that the Company will enter into any definitive agreements or complete such transactions.

Company Information

AmeriVest Properties Inc., with its principal office in Denver, Colorado, provides Smart Space for Small Business(TM) in Denver, Phoenix, and Dallas through the acquisition, repositioning and operation of multi-tenant office buildings in those markets. To receive AmeriVest's latest news and information, visit our website at www.amvproperties.com.

In addition to historical information, this press release contains forward-looking statements and information under 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 to differ materially include, without limitation, 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 AmeriVest's 2005 Annual Report on Form 10-K, AmeriVest's Proxy Statement for its 2006 annual meeting (filed April 18, 2006) and from time to time in the Company's filings with the Securities and Exchange Commission.