EXHIBIT 99.1
On May 30, 2000 Registrant issued the following press release:
" AmeriVest Properties Announces Acquisition Of $5.9 Million Denver Office
Building And The 100% Leasing Of The Property
PRESS RELEASE
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AmeriVest
Properties Inc.
1800 Glenarm Place Contact: James Etter, President
Suite 500 Telephone: (303) 297-1800
Denver, CO 80202 Fax: (303) 296-7353
AmeriVest Properties Announces
Acquisition Of $5.9 Million Denver Office Building
And The
100% Leasing Of The Property
May 30, 2000/Denver, Co - AmeriVest Properties Inc. (AMEX:AMV) today
announced the acquisition of a 61,960 square foot office building in Panorama
Office Park, in southeast Denver, CO. The office building is located at 9085 E.
Mineral Circle with easy access to I-25 and C-470. The purchase price was
$5,900,000. The seller, Comcast Corporation (NASDAQ:CMCSA and CMCSK), will
continue to lease approximately 10,080 square feet of space for two years at
current market rates. AmeriVest is reinvesting, as a tax free exchange, its
proceeds from a December 1999 sale of its industrial/showroom property.
The Company also announced the signing of a lease with a telecommunications
company to lease all remaining space in the building for two years and 100% of
the building thereafter until September 30, 2008 on a net lease basis. The
long-term lease provides for the company to assume the space currently occupied
by Comcast when the Comcast lease expires in May 2002. Funds From Operations
generated by the acquired Panorama property on an annualized basis are expected
to be in excess of $400,000. Funds From Operations from the industrial/showroom
property sold were $77,000 in 1999. AmeriVest borrowed all of the additional
funds necessary for the purchase in excess of the exchange proceeds.
Certain matters discussed in this release are forward-looking statements
that are subject to risks and uncertainties that could cause actual results to
differ materially from those projected. Such risks and uncertainties are
disclosed in the Company's past and current filings with the U.S. Securities And
Exchange Commission. They include, but are not limited to, the risks and
uncertainties that proforma financial information will not be indicative of
future results and of locating and acquiring properties on favorable terms to
the Company.
AmeriVest Properties Inc., with its principal office in Denver, Colorado
owns 25 properties, including 21 office buildings and four self-storage
properties. Its common stock is listed on The American Stock Exchange under
symbol "AMV" and the warrants trade on the Nasdaq SmallCap Market under the
symbol "AMVPW".
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