U.S. Bancorp Tower
| Company type | Office skyscraper |
|---|---|
| Industry | Commercial real estate |
| Founded | 1983 |
| Headquarters | Portland, Oregon , United States |
| Products | Office space |
U.S. Bancorp Tower, commonly referred to as "Big Pink", is a 42-story skyscraper located in Portland, Oregon. It stands as the second tallest structure in the city, surpassed only by the Wells Fargo Center. The tower provides nearly of office space, making it the largest building in Oregon by volume.
Design
The building is notable for its unique silhouette and pink granite cladding. Its footprint, shaped as a parallelogram, lacks any right angles due to the orientation of the street grid, resulting in a form that appears either narrow or broad depending on the perspective.[1] Architect Pietro Belluschi emphasized interplay of light and shadow, choosing pink granite sourced from Spain along with windows treated with copper and silver coatings that impart a subtle pink tint.[1] This design approach allows the facade to shift visually under varying lighting conditions, which inspired its "Big Pink" moniker. Between 2013 and 2015, the interior underwent a major renovation.[2]
In October 2019, the tower achieved Leadership in Energy and Environmental Design Platinum status from the U.S. Green Building Council, underscoring its dedication to sustainable building practices.[3]
History
Conceived by Skidmore, Owings and Merrill (SOM) with Pietro Belluschi as consultant, construction expenses totaled $60 million. The groundbreaking took place on May 29, 1981, with substantial completion reached by June 1983. The official dedication occurred on December 1, 1983. Adjacent to it is U.S. Bank Plaza at 555 SW Oak Street, a seven-story office building erected in 1974. An originally planned tower of approximately 37 floors was postponed until the 1980s.
Initially serving as U.S. Bancorp’s national headquarters, it continued as the regional office until a 1997 merger moved corporate operations to Minneapolis, Minnesota. By 2004, U.S. Bancorp maintained a lease extending through 2015.
During the 1980s and 1990s, upper floors accommodated the headquarters of Louisiana-Pacific.
After a $4 million upgrade in 2002, the 30th floor became home to Portland City Grill, one of Portland’s highest-grossing restaurants renowned for panoramic city views.
In 2000, ownership transferred for $165 million to a consortium including Unico Properties, JPMorgan, and Wafra Investment Advisory Group. Four years later, California-based Broadreach Capital Partners LLC purchased a majority interest by acquiring JPMorgan’s and Wafra’s shares; Unico retained a 25% stake. At that time, occupancy levels were at 92%.
By August 2006, institutional investors advised by JPMorgan Asset Management acquired controlling interest for $286 million.
In 2008, majority ownership passed from Unico Properties to LaSalle Investment Management; the building’s valuation was $285 million at that point. LaSalle divested its stake in 2015 to TPF Equity REIT, predominantly owned by UBS. Unico remained a minority shareholder. The transaction price of $372.5 million set a record for Portland office buildings.
In 2024, U.S. Bank declared it would not renew its lease and intended to vacate the premises. Subsequently, Unico listed the tower for sale in May 2025. Jeff Swickard acquired the property in July 2025 through an all-cash transaction valued near $45 million.
See also
External links
- Articles with short description
- 1983 establishments in Oregon
- Bank buildings in Oregon
- Bank company headquarters in the United States
- Buildings and structures in Southwest Portland, Oregon
- Leadership in Energy and Environmental Design platinum certified buildings
- Office buildings completed in 1983
- Pietro Belluschi buildings
- Skidmore, Owings & Merrill buildings
- Skyscraper office buildings in Portland, Oregon
- U.S. Bank buildings
- Pages with reference errors