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.

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%.

Representatives for Swickard did not immediately return OPB’s requests for comment.

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.”

‘Big Pink,’ the iconic downtown Portland skyscraper, is for sale

News Source : https://www.opb.org/article/2025/07/09/portland-oregon-big-pink-skyscraper-us-bancorp-tower-jeff-swickward/