AmeriVest Properties Announces Closing of $39 Million Loan Refinancing with Greenwich Capital and Completion of Keystone Development Project.

Business Editors

DENVER--(BUSINESS WIRE)--Sept. 22, 2003

AmeriVest Properties Inc. (AMEX: AMV) announced today that it has completed its previously announced portfolio refinancing, borrowing $39,000,000 from RBS Greenwich Capital secured by the Parkway Centre II building in Plano, Texas, the Southwest Gas building in Phoenix, Arizona, and the Centerra building in Denver, Colorado. The loan bears interest at a fixed rate of 5.13% through October 1, 2008. "With the closing of this second portfolio refinancing and our recent assumption of a $24,750,000 seven-year 5.25% loan on the Financial Plaza building in Phoenix earlier this month, we have now reduced our floating rate debt as a percentage of total mortgage debt from 47% at the end of 2002 to 18% today," said William Atkins, Chairman and Chief Executive Officer. "We believe that the reduction in exposure to interest rate risk continues to be appropriate, given our long-term holding strategy for our assets and the currently favorable interest rate environment." In connection with this refinancing, the company will expense approximately $30,000 in unamortized loan fees related to the previous mortgage loan on Parkway Centre II.

Completion of Keystone Building IV

AmeriVest Properties also announced the completion of the construction of a 17,734 rentable square foot office building in Indianapolis, Indiana, which is the fourth building in the Keystone Office Park project owned by the company since 1999. The new building increases the total area of the project to 114,033 rentable square feet.

Company Information

AmeriVest Properties Inc., with its principal office in Denver, Colorado, owns 28 office properties and provides Smart Space for Small Business(SM) in select 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 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 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 2002 Annual Report on Form 10-KSB and from time to time in the Company's filings with the Securities and Exchange Commission.