EXHIBIT 99.1
AmeriVest Properties Inc.

                                    NEWS RELEASE

CONTACT:

Kim P. Boswood                 1780 South Bellaire Street          Listed:  AMEX
Investor Relations                      Suite 515           Trading Symbol:  AMV
AmeriVest Properties Inc.           Denver, CO  80222      www.amvproperties.com

Phone: (303) 297-1800 ext. 118    Fax:  (303) 296-7353
kim@amvproperties.com


   AMERIVEST COMPLETES ACQUISITION OF REMAINING OPERATIONS OF SHERIDAN REALTY
                     ADVISORS; TERMINATES ADVISORY AGREEMENT

     DENVER, CO, December 30, 2002 -- The board of directors of AmeriVest
Properties Inc. (AMEX: AMV), a real estate investment trust that owns 26 office
properties serving small to mid-sized tenants, has announced that it has
acquired and consolidated on an "in-house" basis, the remaining operations of
its advisor, Sheridan Realty Advisors, LLC, and that, effective November 1,
2002, it has terminated its advisory agreement with Sheridan. Sheridan has been
advisor to AmeriVest since January 2000, managing the day-to-day operations and
assisting and advising the board of directors with respect to real estate
acquisitions and investment opportunities. Sheridan is owned by the executive
officers of AmeriVest.

     In January 2002, AmeriVest acquired the administrative, property management
and accounting services business of Sheridan. The acquisition announced today,
which is effective November 1, 2002, is the final step in AmeriVest's full
consolidation with Sheridan. As a result, all Sheridan employees are now
employees of AmeriVest and the advisory agreement is terminated, except with
respect to transactions closed or pending at December 31, 2002. Fees earned by
Sheridan through December 31, 2002 in the amount of $865,470 will be paid prior
to year-end. An additional $250,000 has been accrued for fees due and payable
for a property under contract, which is expected to close in February 2003. In
the event the transaction does not close, the accrued fees will not be paid.
Sheridan has elected to apply the unpaid fees earned towards the exercise of
warrants to purchase additional shares of AmeriVest common stock.

     "We believe this change, which is consistent with our strategy and our
previous commitments, will be perceived positively by our stockholders and the
investment community," said William Atkins, chairman and chief executive officer
of AmeriVest. "Although the advisory fees will result in fourth quarter charges
which will reduce our FFO per share for the year, in the future the company will
no longer be paying advisory fees in connection with new acquisitions. From this
point on, Sheridan and its principals will be involved solely as inside
management and as supportive stockholders."



     About AmeriVest Properties Inc.

     AmeriVest Properties Inc., with its principal office in Denver, Colorado,
owns 26 office properties and focuses on serving small to mid-sized office
tenants in select markets. To receive AmeriVest's latest news and corporate
developments, visit the company's web site at http://www.AMVproperties.com.


In addition to historical information, this press release contains information
that may be considered to be forward-looking statements 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 2001 Annual Report on Form 10-KSB and from
time to time in the Company's filings with the Securities and Exchange
Commission.

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2002