EXHIBIT 99.1


On August 12, 1999 Registrant issued the following press release:

"AmeriVest Properties Announces Acquisition of Three Office Buildings

     August 12,  1999/Lakewood,  CO - - AmeriVest Properties Inc.  (NASDAQ:AMVP)
today  announced  that it has purchased  three  contiguous  office  buildings in
Indianapolis,  Indiana.  The three buildings,  which total approximately  95,800
square feet,  are currently 95% leased.  The total  purchase price for the three
office buildings is  approximately  $7,944,000 and will consist of approximately
541,600  shares of common  stock  valued at $4.75 per  share,  or  approximately
$2,572,600 of additional equity, and the assumption of the existing mortgage and
related escrow balances on the properties of approximately $5,371,400.  James F.
Etter, CEO and President of AmeriVest Properties,  stated "The addition of these
three  properties to  AmeriVest's  portfolio is expected to generate  Funds From
Operations,  before  principal  amortization  of the debt being  assumed,  on an
annualized  basis of approximately  $420,000.  This acquisition is a significant
addition  for  AmeriVest  as it brings  three solid  performing  quality  office
buildings into our  portfolio."  The effective date of the acquisition was as of
July 1, 1999.

     The properties were sold by Sheridan Realty Partners, L.P., an affiliate of
the Sheridan Group, a private real estate company based in Denver, Colorado. Mr.
William T. Atkins and Charles K. Knight,  both of whom are  associated  with the
Sheridan  Group,  were  appointed  to the Board of  Directors.  Mr.  Atkins is a
principal  shareholder  and  co-founder  of Sheridan  Realty  Corp.  He has been
involved in commercial  real estate in the midwestern and western regions of the
U.S.  for the last nine years.  Mr.  Knight has been  associated  with  Sheridan
Development  since  1998.  Prior to  joining  Sheridan  he was  responsible  for
identifying merger and acquisition  opportunities for Public Storage,  Inc., the
world's largest  self-storage owner and operator.  Mr. Etter also stated that, "
It is a pleasure to have Messrs.  Atkins and Knight join the Board of Directors.
They bring a proven track record in commercial real estate to the Company. Their
experience will contribute significantly to the future growth of the Company."

     This press release contains  forward-looking  statements within the meaning
of Section 27A of the  Securities  Act of 1933,  and Section 21E of the Exchange
Act of 1934.  Although the Company believes that the  expectations  reflected in
the   forward-looking   statements   and  the   assumptions   upon   which   the
forward-looking  statements are based are reasonable,  it can give no assurances
that such expectations and assumptions will prove to have been correct.  See the
Company's  Annual  Report on Form 10-KSB for  additional  statements  concerning
important  factors,  including  occupancy and rental rates and operating  costs,
that  could  cause  actual  results  to  differ  materially  from the  Company's
expectations.

     AmeriVest Properties Inc., with its principal office in Lakewood, Colorado,
owns 22  small  office  buildings,  an  industrial/showroom  building,  and four
self-storage facilities. Its common stock and warrants trade on the NASDAQ Small
Cap Market under the symbols "AMVP" and "AMVPW", respectively.

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