“Big Pink,” the iconic office tower in downtown Portland, is for sale.

Brokerage JLL recently published a listing for the 42-story skyscraper. Completed in 1973, U.S. Bancorp Tower, which is better known by its rose-shaded nickname, is Portland’s largest commercial building, spanning 1.15 million square feet.

It’s also the city’s second-tallest building, behind only the Wells Fargo Center.

“Portland will never see another building like U.S. Bancorp Tower, considering the asset’s extraordinary scale and the complete absence of new development planned in the urban core for the foreseeable future,” JLL’s listing states.

Last fall, U.S. Bank said it would exit the tower and move most of its employees who were based there to Gresham amid a broader pullback in office occupancy in downtown Portland.

The building previously was purchased by Seatle-based Unico Properties and its ownership group for $372.5 million in 2015.

Large-scale commercial buildings in Portland resold since the COVID-19 pandemic have done so at massive discounts.

Montgomery Park sold for $33 million in 2024 after fetching $255 million in 2019. Block 1 in the Pearl District’s Brewery Blocks sold last year for $21 million after it was valued at $44.76 million in a 2007 transaction.

U.S. Bancorp Tower’s current ownership has invested $18 million in capital improvements for the building since 2016, according to JLL.

Big Pink is 45.7 percent occupied, according to JLL. The building also offers 999 parking spaces and Portland City Grill, a luxurious restaurant on the 30th floor.

Another Portland tower, the 30-story PacWest Center, was also recently listed for sale.

Unico Properties has a large portfolio of more than 20 properties in the Portland area, including the Moda Tower, Galleria building and Sixth + Main.

The post Portland’s ‘Big Pink’ tower hits market amid office slump appeared first on Daily Journal of Commerce.