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If a distressed-property buyer has his way, a rooftop observatory could be coming to Oregon’s tallest building.
Jeff Swickard—the auto magnate who purchased the 42-story US Bancorp Tower aka Big Pink at a deep discount last summer—says Portland could be getting its own vertigo-inducing experience similar to The Edge in midtown Manhattan.
“We’re always looking for ways to make Big Pink even more special,” Swickard tells WW. “So one idea that we’re exploring is the possibility of an observation deck at the top that gives people a new way of experiencing the city, because it’s got these insane views. I mean, you can see every part of the city.”
Swickard discussed the idea in a recent Instagram post.
He cautioned the idea is just that—an idea. No formal plans exist. The permitting process is far from straightforward and painless. The Federal Aviation Administration has rules about airspace. The building itself might not be suited for this purpose.
“I don’t want anyone to be disappointed if it doesn’t happen,” he says. “The probability of even being able to permit it is very low. But it is an idea.”
It’s also a relatively big one, and big ideas seem scarce in Portland lately. The Big Pink that Swickard bought last year for a fire-sale price of $45 million is much differently-situated than when it last sold for $345 million in 2015. Portland now faces some of the highest downtown office vacancy among major U.S. cities. Earlier this year, Big Pink itself had a vacancy rate of 75% following the loss of key tenants like New Relic, SurveyMonkey, law firm Miller Nash and the building’s namesake, US Bank, which relocated most of its employees to Gresham.
Since taking over, Swickard’s Swickard Auto Group has been modernizing and repositioning the 43-year-old building. The flipside to the rooftop deck idea is an idea for a ground-floor food and beverage plaza. Swickard sounded excited about Big Pink’s future, saying NDAs prevented him from saying more.
The auto seller’s pitch includes more than just friendly amenities. Swickard seems intent on upending the entire work-from-home shift, which has greatly altered the face of downtown Portland. He talks on Instagram about forming connections with office workers and bringing the hospitality touch to the Big Pink by creating workplaces that people want to spend time in.
“A thriving Big Pink means a thriving Portland,” he says in one video. “Filling this building with tech professionals will create a ripple effect that drives economic growth, supports local businesses, and strengthens the entire city.”
When he’s not at his residence in Nevada, where his kids attend school, Swickard has been one of the few people making moves in downtown Portland. He also owns Five Oak next door to Big Pink and 200 Market aka the Black Box.
The Big Pink’s roof is currently occupied by HVAC equipment and an old helipad. Swickard isn’t sure when it was last used for its intended purpose.
“That’s because nobody lands their helicopter and goes to work anymore.”
