AmeriVest Properties Announces Sale of Chateau Plaza in Dallas.

DENVER -- AmeriVest Properties Inc. (AMEX:AMV) announced today that it has completed the sale of Chateau Plaza in Dallas, Texas. Chateau Plaza, a 171,294-square-foot Class A office property located in the Uptown submarket of Dallas, was sold for $31,300,000, or $183 per square foot, to a pension fund advisor. AmeriVest will record a net gain on the sale of approximately $9 million for financial reporting purposes. The estimated cash proceeds of $29 million, after closing costs and adjustments, will be used to repay indebtedness under AmeriVest's secured credit facility. With the release of certain escrow balances also held by the lender and applied to the facility, the secured facility is now paid in full.

AmeriVest also confirmed that AmeriVest Plaza in Denver remains under contract and is expected to close later this month.

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.