AmeriVest Eyes Options, Including Sale

AmeriVest Properties, Denver, has announced that it is looking at strategic alternatives, including a possible sale or merger, citing "fierce competition for high-quality office buildings and the valuations for these assets in the private market."The company, which owns and operates office properties in Denver, Phoenix, Dallas, and Indianapolis, has hired Bear, Stearns & Co. to assist in evaluating the options. These could include "identifying an institutional capital partner to assist in the company's growth," a sale or recapitalization of some or all the company's properties, and a sale or merger of the company, AmeriVest said. "We believe that this is an appropriate time for AmeriVest to review its strategic direction and identify possible partners that can assist us in continuing our growth," said William Atkins, chairman and chief executive officer of AmeriVest. "We continue to believe that our focused small-tenant strategy makes sense in the U.S. office market."