AmeriVest Properties Announces Sale of AmeriVest Plaza in Englewood, Colorado.

DENVER -- AmeriVest Properties Inc. (AMEX: AMV) announced today that it has completed the sale of AmeriVest Plaza in Englewood, Colorado. AmeriVest Plaza, a 120,171-square-foot Class A office property located in the Inverness business park in southeast Denver, was sold for $15,525,000, or approximately $129 per square foot, to a pension fund advisor. AmeriVest recorded an impairment loss in the third quarter of $2.3 million on this property and anticipates recording a minimal gain on the sale for financial reporting purposes. The property was approximately 74% leased at the time of sale. The estimated net cash proceeds of approximately $600,000, after repayment of approximately $14 million in first mortgage debt and approximately $1 million in closing costs and adjustments, will be used to repay indebtedness under AmeriVest's unsecured credit facility.

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.