AmeriVest Properties Announces Continued Operational Restructuring and Management Agreement for Its Dallas Portfolio; Announces New Director of Asset Management.

DENVER -- AmeriVest Properties Inc. (AMEX: AMV), a real estate investment trust serving small to medium-size office tenants, announced that it has retained Transwestern Commercial Services as property manager for its Dallas portfolio, effective January 1, 2006. As part of this transition, approximately nine property level positions in Dallas will be assumed by Transwestern.

"We wish all of our Dallas employees the best in their future endeavors and thank them for their hard work over the past few years on behalf of AmeriVest and its shareholders," said Charles Knight, President and CEO of AmeriVest. As of January 1, 2006, AmeriVest expects to have 16 employees, all in the corporate office, down from 58 employees at December 31, 2004.

AmeriVest Properties Inc. also announced the appointment of Jim Walter as Director of Asset Management. He will be responsible for the management and direction of building operations, leasing, capital and tenant improvement projects, financing, dispositions and oversight of third-party property management and leasing efforts in all regions. Jim has over fifteen years of commercial real estate experience and comes to AmeriVest from Grubb & Ellis Management Services as their Senior Portfolio Manager for the Microsoft Puget Sound Campus.

Company Information

AmeriVest Properties Inc., with its principal office in Denver, Colorado, provides Smart Space for Small Business(R) in Denver, Phoenix, Dallas, and Indianapolis 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 2004 Annual Report on Form 10-K and from time to time in the Company's filings with the Securities and Exchange Commission.