"The North Star Group continues to believe that AmeriVest is too small to operate efficiently," states the SEC filing. "The recent announcements regarding property sales strengthens our belief that there is value in the real estate holdings that is not being reflected in the current share price. The North Star Group strongly believes that shareholder value would be maximized by putting the remaining properties up for sale and distributing the sale proceeds to shareholders as son as practicable. We urge the board of Trustees to pursue such a plan immediately."

North Star notes it owns 1.56 million shares of AmeriVest, or about 6.5% of the 24.1 million outstanding shares. It owns it through three companies: North Star, with 803,371 shares or 3.3% of the company; North Star II, 686,901 shares, or 2.8%; and Circle T Explorer Master Limited NS Advisors LLC, with 74,850 shares or 0.3%. Andrew R. Jones is the general partner of North Star and North Star II and has an "indirect beneficial ownership interest in these shares of common stock," according to the filing. For the most part, it paid between $3.99 and $4.15 per share. It also acquired 144,563 shares from the Bermuda-based Offshore on Jan.3 for $4.18 per share, the filing notes.

Charlie Knight, CEO of AmeriVest, a REIT that exclusively invests in office buildings that caters to small-and medium-sized tenants, tells GlobeSt.com that he "can't comment" directly on the SEC filing.

"We are still continuing to execute our business plan," he tells GlobeSt.com. The business plan can include liquidating assets, selling the company, taking it private, or creating a joint venture. "The board continues to do everything it can to maximize shareholder value," he tells GlobeSt.com.

In addition to three separate projects in Denver, much of its other holdings are in Phoenix and Dallas. "Dallas is such a big market, that it's really a bunch of smaller markets," Knight tells GlobeSt.com "How well the buildings are doing depends on what submarket you are in. Phoenix continues to be very strong and seems to be getting hotter. But there is still building going on in Dallas and Phoenix, so the supply is growing. For the most part, you don't see that happening in Denver. But overall, I'd say that all of our markets are improving."

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