One of Portland’s most iconic buildings finally has a new owner.
The U.S. Bancorp Tower, popularly known as “Big Pink,” has been sold to auto magnate Jeff Swickard for $45 million, according to Portland Business Journal. Swickard owns dozens of car dealerships across the country.
FILE - In this Sept. 19, 2012, photo, the U.S. Bancorp Tower building towers over a popular city slogan in Portland, Ore.
Don Ryan / AP
“This investment is about more than just real estate – it’s about reaffirming our belief in Portland and what this city can become again,” Swickard said. “Through our businesses and personal giving, we have tried to focus on things that matter – from animal rescue and community nonprofits to creating opportunities for people to grow and succeed. That same spirit will guide our work at Big Pink.
It’s a significant discount for a building that was last sold in 2015 for $372 million to global investment bank UBS, and is one of the most recognizable in the city. UBS listed the building for sale in May.
Since the COVID-19 pandemic, the building has struggled to attract and retain its tenants, a problem facing several large skyscrapers in downtown Portland.
With its namesake U.S. Bank planning to move out, Big Pink faced a potential vacancy rate as high as 60%.
Portland Mayor Keith Wilson issued a statement Wednesday celebrating the sale as a way to reinvent the area’s image.
“The sale of the U.S. Bancorp Tower to Jeff Swickard — and the plans he has for it — is exactly the kind of commitment and optimism Portland needs,” Wilson said. “The city is ready to work alongside Jeff to support tenants, boost confidence, and ensure that downtown remains a great place to live, work, and build.
“We are focused on keeping Portland clean, safe, and welcoming — and given that the building attracted serious buyers and closed so quickly is exactly the kind of investment that helps get us there.”
Related: ‘Big Pink,’ the iconic downtown Portland skyscraper, is for sale
