T
he U.S. Bancorp Tower, affectionately known as Big Pink, is up for sale in downtown Portland, Oregon. The 42-story property and its plaza are being marketed by real estate brokerage JLL, with a spokesperson declining to comment on the listing. The building's namesake tenant, U.S. Bank, announced last year that it would not renew its lease, which covered over 200,000 square feet.

    At approximately 1.2 million square feet, Big Pink is the largest office property in Oregon and the second-tallest building in the state after the Wells Fargo Center. When Unico Properties and its co-owners purchased the tower in 2015 for $372.5 million, it was hailed as the largest single asset office sale in Portland's history.

    The downtown Portland office market is still recovering from the COVID-19 pandemic, with around a third of offices remaining vacant due to the shift towards remote and hybrid work. The sale of Big Pink comes as Portland struggles to regain its footing after years of decline, with census reports showing razor-thin growth in recent years.