The US Bancorp Tower, affectionately known as Big Pink, is poised for a transition as its chief tenant, US Bank, announced last September that it would be vacating its offices.
This decision comes as little surprise to Portlanders, especially given the building’s reported occupancy rate of around 45 percent.
Downtown office buildings have been experiencing a notable decline, often described as having a ‘dead-mall feel’.
Following US Bank’s announcement, the 42-story tower’s Seattle-based majority owner, Unico Properties, promptly listed the building for sale in May.
This isn’t the first time Big Pink has changed hands; it has had several owners since its inception.
Despite potential new ownership or tenant names that might replace US Bank, locals will likely continue to affectionately refer to the structure as Big Pink.
Big Pink, completed in 1983, stands as Portland’s second-tallest building and shares the skyline with the slightly taller Wells Fargo Center and the shorter Standard Insurance Building.
Interestingly, Big Pink has outlived some of its architectural contemporaries, making it a staple of the Portland skyline.
During its dedication ceremony, then-US Treasury Secretary Donald Regan highlighted the significance of tax cuts while addressing a crowd, marking a political era that contrasts sharply with the building’s community-centric events over the years.
The tower earned its nickname for its distinct pink hue, reminiscent of champagne, although many nowadays refer to it as salmon.
Unlike other renowned buildings that might prompt more playful comparisons, Big Pink maintains a surprisingly dignified aesthetic, thanks in part to the design influence of modernist architect Pietro Belluschi.
In its early years, Big Pink set a precedent by housing US Bank’s first electronic branch, equipped with innovative banking technologies, a concept that was revolutionary at the time.
In 1984, the bank introduced three “U-Bank” machines, serving as a precursor to today’s ATMs, while also featuring computers to assist customers with finances and budgeting.
The culinary experience of Big Pink began with Atwater’s restaurant, once located on the 30th floor, offering patrons exquisite views along with boneless ducklings and assorted relishes.
For decades, the venue has also hosted significant events, from gala fundraisers to wedding receptions, with Santa even making appearances at ground level during the holiday season.
However, the current sales strategy from JLL, the firm managing the sale, does not highlight the original banking innovations or festive activities associated with the building.
Instead, JLL’s marketing focuses on the tower’s proximity to the Midtown Beer Garden and the upcoming James Beard Public Market.
In addition, the sales pitch touts potential city tax incentives for new business leases, recent improvements in policing, and Mayor Keith Wilson’s return-to-office mandate for city workers, which may lead to increased foot traffic in the area.
Moreover, the building has recently undergone an $8 million elevator modernization, a detail that usually garners interest from prospective tenants.
While some are concerned about Portland’s recovery in the wake of pandemic-driven changes, JLL remains optimistic, projecting a thriving future ahead.
Listing Fast Facts:
– Address: 111 SW Fifth Ave
– Size: 42 stories / 1.15 million rentable square feet
– Parking Spaces: 999
– Most Recent Sale Price: $372.5 million in 2015
– Listing Agent: JLL
Note: An earlier version of this article contained an error regarding the building’s age relative to cable channels, for which Portland Monthly regrets any confusion.
image source from：pdxmonthly
