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 Portland—and, 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 “Big Pink”) 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.

The iconic 42-story tower, completed in 1983, became a symbol of Portland’s struggling downtown and vacant office space when its owners, Unico Properties of Seattle and UBS of Switzerland, put it up for sale in May. That development, first reported by the Oregonian, included an eye-popping measurement of how far the market for downtown space has declined. The building last sold for $372.5 million in 2015, but its owners were willing to sell at a fraction of that price.

Currently a Nevada resident, Swickard maintains a home in West Linn and says he hopes to retire here. “I love Oregon,” Swickard says.

A University of Oregon graduate who parlayed an earlier telecommunications business into an auto empire that started with his purchase of Mercedes-Benz of Wilsonville, Swickard now operates nearly 50 dealerships across five western states and Texas. He also owns a real estate investment firm within his stable of businesses and came to the conclusion that the market for Portland office space is ripe for investment.

Swickard says he first became aware of Big Pink when he came to Portland after graduating from college three decades ago.

“I heard all these amazing stories about the building and how it was the epicenter for successful businesses,” he says. “As a young man, I looked at Big Pink and it gave me a sense of what was possible. It’s a special place for me.” Swickard says he’ll invest in building upgrades and will retain Unico as the property manager.

He’s not alone in thinking now is the time to buy. The Wall Street Journal reported earlier this week that the Saudi Arabian sovereign wealth fund and other large investors are pouring money into New York office space, a bellwether for the rest of the country.

Big Pink is not his only investment in Portland. Swickard says that including Big Pink, he is investing more than $100 million in Portland-area properties this year.

“I am not a flipper,” Swickard says. “I want to be part of Portland.”

Mayor Keith Wilson cheered the transaction.

“The sale of the U.S. Bancorp Tower to Jeff Swickard—and the plans he has for it—is exactly the kind of commitment and optimism Portland needs,” Wilson said in a statement. “The city is ready to work alongside Jeff to support tenants, boost confidence, and ensure that downtown remains a great place to live, work and build.”