EXHIBIT 99.1


On December 27, 1999, the Company issued the following press release:

"PRESS  RELEASE

                                                       AmeriVest Properties Inc.
                                                         3333 S. Wadsworth Blvd.
                                                                     Suite D-216
                                                              Lakewood, CO 80227
For Immediate Release
                                           Contact:
Telephone:  (303) 980-1880                 Mr. James F. Etter
Fax:  (303) 980-1806                       President

                       AmeriVest Properties Inc. Announces
                             Advisory Agreement with
                          Sheridan Realty Advisors, LLC

     December 27, 1999/Lakewood, Co - AmeriVest Properties (NASDAQ:AMVP) today
announced that it has retained Sheridan Realty Advisors, LLC as its exclusive
property manager and real estate advisor, effective January 1, 2000. Under the
terms of the Agreement, Sheridan will assume responsibility for the day-to-day
operations of AmeriVest, including the management of all AmeriVest assets and
will assist and advise the Board of Directors of the Company on real estate
acquisitions and investment opportunities. For its services, Sheridan will
receive an administrative fee and a property management and accounting fee. The
costs for these services are anticipated to be no greater than the costs
currently being paid by the Company. In addition, Sheridan will receive
incentive compensation in the form of an advisory fee based on new real property
acquisitions and five-year warrants to purchase AmeriVest common stock at $5 per
share. Issuance of the warrants is subject to shareholder approval.

     AmeriVest also announced the following executive officer appointments:
William T. Atkins, Chairman of Sheridan Realty Advisors, was appointed Chief
Executive Officer of AmeriVest; James F. Etter will continue as President and
Chief Operating Officer, D. Scott Ikenberry, Chief Financial Officer of Sheridan
Realty Advisors was appointed Chief Financial Officer of AmeriVest, and Charles
K. Knight, President of Sheridan Realty Advisors, was appointed Corporate
Secretary. Other AmeriVest employees will continue as employees of Sheridan.

     Sheridan Realty Advisors, LLC is an affiliate of The Sheridan Group of
companies in Denver, Colorado. The members of Sheridan have significant
experience in the acquisition, development, management and disposition of real
estate assets and in real estate capital markets, with an emphasis on the small
tenant office market. James F. Etter, President of AmeriVest said "the
principals of Sheridan bring a significant breadth of experience in the small
tenant office market to our company. Sheridan's experience will help AmeriVest
to attract additional equity capital and expand the company's operations. Since
our acquisition of Keystone Office Park in Indianapolis from Sheridan earlier
this year, we have embarked upon a long-term strategy to become a key player in
this unique office segment."

     William T. Atkins, Chairman of Sheridan Realty Advisors and the new CEO of
AmeriVest added: "We are excited about the future possibilities for AmeriVest.
We look forward to working with Mr. Etter to increase the Company's growth rate
and value to our shareholders through an exclusive focus on the small tenant
office market, which is Sheridan's traditional expertise."

     AmeriVest Properties Inc. owns 23 properties, including 19 small office
buildings and four self-storage properties. Its common stock and warrants trade
on the Nasdaq SmallCap Market under the symbols "AMVP" and "AMVPW",
respectively.


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