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Automotive leader buys downtown Portland's 'Big Pink' in all-cash deal
PORTLAND, Ore. — This story comes from the Portland Business Journal, a KGW news partner. The full story is here.
Barely two months after hitting the market, U.S. Bancorp Tower has a new owner.
Portland’s most distinctive office tower was acquired by Jeff Swickard, a former telecommunications entrepreneur and automotive industry leader with deep ties to Oregon.
Swickard purchased the building through an all-cash transaction from Switzerland-based UBS, according to a news release. UBS has owned the property since 2015.
“More than 25 years ago, I graduated from the University of Oregon. Like so many others, I admired the Portland skyline from afar, with Big Pink standing tall as a symbol of what was possible,” Swickard said in a news release. “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.”
Portland’s skyline-defining ‘Big Pink’ office tower sold at markdown price
The downtown Portland U.S. Bancorp Tower, known familiarly as “Big Pink,” has sold after just two months on the market.
The tower — Oregon’s largest office building — was being marketed for sale by real estate brokerage JLL. Last year, U.S. Bank declined to renew its lease at its namesake tower, leaving the building largely empty.
The buyer, as the Portland Business Journal first reported, is Jeff Swickard, a telecommunications and auto industry executive who paid all cash.
The sale price was about $45 million, according to a spokesperson — just 12% of the $372.5 million seller UBS paid in 2015.
Swickard, who runs Swickard Auto Group and owns properties in California, Nevada, Alaska, Washington, Oregon, Hawaii and Texas, said the purchase is a “full-circle” moment.
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Big Pink Has a New Owner
This story was produced by the Oregon Journalism Project, a nonprofit newsroom covering the state.
Jeff Swickard is betting that better days are ahead for Portlandâand, by extension, Oregon.
Swickard, 53, the founder and CEO of Swickard Auto Group, a large chain of car dealerships, closed on the purchase of the U.S. Bancorp Tower (also known as âBig Pinkâ) earlier this week in an all-cash offer, he said today.
Swickard purchased the building for about $45 million. He says there are cheaper buildings in Portland and plenty of other enticing opportunities around the west, but he wanted to put his money in Oregon.
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