The sale of an iconic tower in Portland, Oregon, has spurred optimism among local real estate experts that the city's downtown office market is turning the corner from its post-pandemic woes.
U.S. Bancorp Tower, also commonly known as "Big Pink" for the pink hue of its windows and granite, sold for $45 million last year to Swickard Auto Group, which is led by investor Jeff Swickard. Located at 111 SW Fifth Ave., the office building spans 1,154,175 square feet across 42 stories.
The sale occurred as Portland's office market continued to struggle to recover from low demand and high vacancy stemming from the COVID-19 pandemic, which led to the widespread adoption of remote work for employees. As of mid-March 2026, the vacancy rate for downtown Portland still stands at about 29%, according to CoStar data.
While the sale price was a steep discount from the last time the building traded hands, local real estate experts noted its short stint on the market and the new owner's plans to renovate the property as positive signs for the downtown office market more broadly.
"This investment is about more than just real estate: It's about reaffirming our belief in Portland and what this city can become again," said Swickard, a University of Oregon graduate, in a statement around the time of the sale. "I even interviewed for a job in the tower early in my career. To now become its owner is a full-circle moment, one that carries both meaning and responsibility."
Swickard said the purchase will help anchor his future real estate investment plans in and around the Portland area, as previously reported by CoStar News. Renovations and upgrades were already in the planning stages for the 1980s-era tower and its adjacent plaza at the time of sale.
The sale of U.S. Bancorp Tower has been selected by a panel of local industry professionals as the winner of the 2026 CoStar Impact Awards for sale/acquisition of the year for Portland.
About the deal: Las Vegas-based Swickard Auto Group purchased U.S. Bancorp Tower for $45 million, or approximately $39 per square foot, in July 2025. UBS of Switzerland was the seller of the building, which was about 50% vacant at the time of sale. The tower previously sold for $316.63 million, or about $323 per square foot, in August 2015, when the property was about 94% leased at the time of sale, per CoStar data.
What the judges said: "The sale/acquisition of the U.S. Bancorp Tower sends an important signal to the real estate investment community, locally and nationally, and to Portlanders in general that there are signs of life in the downtown office market," said Julia Freybote, associate professor of finance and real estate at Portland State University. "The positivity of the new owner will hopefully contribute to the revitalization of this part of downtown and the [central business district] office market in general."
"I chose this acquisition because it represents a true market-reset moment," said Blake St. Onge, managing principal at Cresa. "The sale of U.S. Bancorp Tower wasn’t just a large transaction. It redefined pricing expectations for major West Coast office assets during a historic market correction. At roughly $39 per square foot and closing in under two months, it combined scale, speed and execution certainty in a capital environment where deals of this size rarely trade. Most importantly, it signaled renewed private-sector confidence in downtown Portland and created a pathway for repositioning one of the city’s most iconic buildings."
They made it happen: Mark Katz, senior managing director, Buzz Ellis Jr., managing director, and Adam Lasoff, managing director of capital markets, at JLL represented the seller in the transaction. Tonkon Torp LLP represented the buyer.