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12/11/25
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Kidder Mathews has been selected to oversee leasing for Portland’s iconic “Big Pink,” as new ownership embarks on a major repositioning of the 42-story U.S. Bancorp Tower—Oregon’s largest office building and a defining feature of the city’s skyline. The project represents one of the most significant commitments to Portland’s revival in recent years and signals growing momentum in the city’s re-emerging urban core.
Completed in 1983 and refreshed in 2015, the 1.15 msf, Class A tower and plaza represent one of Portland’s most recognizable landmarks. Located at 111 SW 5th Ave, Big Pink anchors the north end of the Central Business District—steps from hotels, restaurants, and a diverse blend of businesses that shape the city center.
The tower was acquired in July 2025 by Jeff Swickard of Swickard Group for $45 mil in an all-cash transaction. The property last sold for $372.5 mil in 2015, marking one of the largest value resets in Portland’s office market history. Despite that shift, the acquisition reflects renewed local confidence and long-term investment in the city’s future.
KM’s Brandon O’Leary and Sean McCarthy were selected to lead the leasing efforts. Unico Properties continues to manage operations.
Swickard Group is launching a comprehensive modernization of the tower, adjacent plaza, and 12-story parking structure. The project will blend creation of the workplace with Portland’s creative, community-driven culture. Early concepts include:
• New amenities tailored to support the next generation of dynamic companies and talent
• Curated retail and restaurant offerings, elevating the property to support the modern business environment
• Reactivated public spaces with intentional design, art, technology, and experiential programming
• A hospitality-inspired interior experience
With some of the largest contiguous blocks of office space in Portland’s central business district, including hundreds of thousands of square feet on its prime view floors, Big Pink is uniquely positioned to attract companies ready to be part of Portland’s comeback story.
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