AmeriVest Stockholders Approve Proxy Proposals; Declares Regular Quarterly Dividend.

Business Editors

DENVER--(BUSINESS WIRE)--June 3, 2004

Stockholders at the June 2, 2004, annual meeting of AmeriVest Properties Inc. (AMEX: AMV) re-elected Alexander S. Hewitt, Charles K. Knight and Jerry J. Tepper to the company's Board of Directors until the annual meeting to be held in the year 2007. Stockholders also approved an Amendment to the Company's Amended and Restated Articles of Incorporation to eliminate the classification of the board of directors. As part of this declassification, all current directors, including the recently elected Messrs. Hewitt, Knight and Tepper, will serve until the annual meeting to be held in the year 2005. William Atkins, Chairman and CEO of AmeriVest stated, "We are pleased to be one of the companies adopting a recommended best practice in corporate governance by eliminating a staggered board."

The board of directors of AmeriVest Properties Inc. also declared a cash dividend of $.13 per share for the second quarter of 2004, representing the 32nd consecutive quarterly dividend since AmeriVest's initial public offering in 1996. The dividend is payable on July 15, 2004, to shareholders of record at the close of business on June 25, 2004.

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 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 2003 Annual Report on Form 10-KSB and from time to time in the Company's filings with the Securities and Exchange Commission.