Portland’s Iconic ‘Big Pink’ Sold for 88% Discount

One of Portland’s most recognizable skyscrapers, the U.S. Bancorp Tower — better known as “Big Pink” — has been sold for just $45 million, a massive drop from its $372 million price tag in 2015. The buyer? Auto dealership magnate Jeff Swickard, who says this investment is about more than just real estate — it’s about rebuilding belief in Portland.With U.S. Bank moving out and vacancy rates climbing to nearly 60%, the building had been struggling post-pandemic. Now, city officials and the new owner hope this bold move will jumpstart a downtown revival.