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Offers in for Nearly 2M-SF AmeriVest Portfolio

DENVER-The locally based REIT isn't saying how many offers it received prior to the June 9 deadline, but some 200 interested parties signed confidentiality agreements to obtain detailed information.

By Brian K. Miller | Updated on June 13, 2006

DENVER-AmeriVest Properties Inc. said Tuesday more than 200 interested parties took a serious look at the company’s office portfolio, which it is liquidating, but the locally based company isn’t saying how many offers it received. The plan of liquidation was approved by stockholders in May. Bids for the company’s 1.73-million-sf portfolio were accepted through June 9.

AmeriVest officials are now evaluating and clarifying the offers received and expect to complete a best and final bidding round within the next two to four weeks, at which time negotiation of a definitive purchase and sale agreement or agreements with the successful bidder or bidders will begin. The company says it will not make another announcement until one or more material definitive agreements have been completed.

AmeriVest’s portfolio consists of 12 multi-tenant office buildings in the markets of Denver, Dallas and Phoenix. Earlier this month, the company reported that portfolio occupancy at the end of May was 90.3%, up from 90.0% at the end of March but down from 91.2% at the start of the year. The average rent at the end of the year was $20.26 per sf and the range was $17.36 to $23.78, according to its most recent annual report.

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