AmeriVest Properties Announces Occupancy Information for the First Quarter of 2005.

DENVER -- AmeriVest Properties Inc. (AMEX:AMV) today announced property occupancy information as of March 31, 2005. Overall portfolio occupancy was 89.0% at March 31, 2005, compared to 88.3% at December 31, 2004. Same store occupancy (buildings owned for the entire year) was 88.1% at March 31, 2005, compared to 88.5% at December 31, 2004.

During the quarter the company completed 48 lease transactions involving approximately 252,300 square feet, including 18 leases with new tenants comprising over 31,000 square feet. Excluding the 120,607 square foot renewal for Dean Foods Company, for transactions completed during the first quarter of 2005, the average transaction size was 2,800 square feet and the company retained approximately 62,000 (70%) of approximately 88,000 square feet due to expire in 2005. As of March 31, 2005, there remains approximately 265,000 square feet due to expire in 2005, or 10.6% of the entire portfolio.

Company Information

AmeriVest Properties Inc., with its principal office in Denver, Colorado, provides Smart Space for Small Business(TM) 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.

Property Occupancy Information

                                    March 31, 2005   December 31, 2004
                                   ----------------- -----------------
  Building/      Year    Rentable  Occupancy Average Occupancy Average
   Location    Acquired  Area(1)    Rate(2)   Rent   Rate (4)   Rent
                                               Per               Per
                                              SF(3)             SF(3)
-------------- -------- ---------- --------- ------- --------- -------
Same Store-
Southwest Gas
 Building
   Phoenix, AZ    2003    144,509      88.9% $23.43      87.1% $22.64

Chateau Plaza
   Dallas, TX     2002    171,294      97.3%  23.48      99.5%  23.42

Centerra
   Denver, CO     2002    186,582      84.7%  18.06      85.2%  18.09

Parkway Centre
 II
   Plano, TX      2002    151,880      97.7%  19.56      94.8%  19.01

Kellogg
 Building
   Littleton,
    CO            2001    110,852      94.0%  19.87      93.0%  19.56

Arrowhead
 Fountains
   Peoria, AZ     2001     96,203     100.0%  21.92     100.0%  21.85

AmeriVest
 Plaza at
 Inverness
   Englewood,
    CO            2001    118,720      81.2%  20.06      93.9%  21.03

Sheridan
 Center
   Denver, CO     2000    139,578      81.9%  16.44      82.0%  15.94

Keystone
 Office Park
  Indianapolis,  1999/
  IN              2003    114,879      73.8%  17.45      76.8%  17.69

Greenhill Park
   Addison, TX    2003    246,858      78.5%  17.91      77.0%  17.71

Scottsdale
 Norte
   Scottsdale,
    AZ            2003     78,815      91.5%  22.65      94.4%  20.64

Financial
 Plaza,
   Mesa, AZ       2003    310,838      84.4%  23.53      83.0%  23.51

Camelback
 Lakes
   Phoenix, AZ    2004    203,179      99.3%  21.99      98.9%  21.97
                        ---------- --------- ------- --------- -------

               Subtotal 2,074,187      88.1% $20.72      88.5% $20.61
                        ---------- --------- ------- --------- -------
2004
 Acquisitions-
Hackberry View
 of Las Colinas
   Irving, TX     2004    114,598      95.7% $20.59     100.0% $19.78

Parkway Centre
 III
   Plano, TX      2004    152,391      93.9%  20.69      93.8%  20.94

Hampton Court
   Dallas, TX     2004    108,183     100.0%  21.27     100.0%  21.13
                        ---------- --------- ------- --------- -------
               Subtotal   375,172      96.2% $20.83      97.5% $20.63
                        ---------- --------- ------- --------- -------
Joint
 Ventures-
Panorama
 Falls(5)
   Englewood,
    CO            2000     58,756      75.8% $19.54      64.8% $19.84
                        ---------- --------- ------- --------- -------
               Subtotal    58,756      75.8% $19.54      64.8% $19.84
                        ---------- --------- ------- --------- -------
Non-Core-
Texas State
 Buildings(6)    1997/
   Texas          1998        N/A       N/A     N/A      77.1%  $9.06
                        ---------- --------- ------- --------- -------
               Subtotal       N/A       N/A     N/A      77.1%  $9.06
                        ---------- --------- ------- --------- -------

                  Total 2,508,115      89.0% $20.71      88.3% $19.78
                        ========== ========= ======= ========= =======

 (1) Includes office space but excludes storage,
     telecommunications and garage space.

 (2) Includes approximately 34,000 square feet (1.5% of total
     rentable area) that has been leased but is not yet
     occupied and approximately 15,000 square feet (0.7% of
     total rentable area) that is leased but has been vacated.
     Excludes approximately 14,500 square feet (0.7% of total
     rentable area) that expired on or about March 31, 2005.

 (3) Annualized cash basis revenue divided by leased area.

 (4) Includes approximately 73,000 square feet (2.7% of total
     rentable area) that has been leased but is not yet
     occupied and approximately 28,000 square feet (1.0% of
     total rentable area) that is leased but has been vacated.
     Excludes approximately 9,000 square feet (0.3% of total
     rentable area) that expired on or about December 31, 2004.

 (5) 20% of the property is owned by AmeriVest and 80% of the
     property is owned by one other investor as tenants in common.

 (6) These buildings were sold March 2, 2005.