Kidder Mathews has been selected to lead leasing for Portland’s iconic “Big Pink,” as new ownership embarks on a major repositioning of the 42-story U.S. Bancorp Tower—Oregon’s largest office building and a defining feature of the city’s skyline. The project represents one of the most significant commitments to Portland’s revival in recent years and signals growing momentum in the city’s re-emerging urban core.
Completed in 1983 and refreshed in 2015, the 1.15-million-square-foot Class A tower and plaza represent one of Portland’s most recognizable landmarks. Located at 111 SW 5th Avenue, Big Pink anchors the north end of the Central Business District—steps from hotels, restaurants, and a diverse blend of businesses that shape the city center.
The tower was acquired in July 2025 by Jeff Swickard of Swickard Group for $45 million in an all-cash transaction. The property last sold for $372.5 million in 2015, marking one of the largest value resets in Portland’s office market history. Despite that shift, the acquisition reflects renewed local confidence and long-term investment in the city’s future. Following a competitive process, Kidder Mathews Senior Vice Presidents and Portland real estate market veterans Brandon O’Leary and Sean McCarthy were selected to lead the leasing efforts. Unico Properties continues to manage operations.
“Big Pink is an icon, and we value the trust Jeff and his team have in us to help shape its future and the story of Portland’s recovery,” said O’Leary. “We look at the project as a long-term opportunity to team with a business leader that made a bold and visionary move to be the catalyst for transformational change in our city.”
Swickard Group is launching a comprehensive modernization of the tower, adjacent plaza, and 12-story parking structure. The project will blend creation of the workplace with Portland’s creative, community-driven culture. Early concepts include:
- New amenities tailored to support the next generation of dynamic companies and talent
- Curated retail and restaurant offerings, elevating the property to support the modern business environment
- Reactivated public spaces with intentional design, art, technology, and experiential programming
- A hospitality-inspired interior experience
“Big Pink will be a destination for people to work, meet, create, and rediscover their connection to downtown Portland,” said Swickard. “The city has faced real challenges in recent years, but we’re seeing meaningful shifts that point toward recovery—and beyond that, a true revival. Portland has always been bold and unconventional, and Big Pink reflects that same spirit. We selected Brandon and Sean with Kidder Mathews because of their experience and ingenuity and the shared belief we have in Portland’s future. We are confident they can translate our mutual vision into reality for the tenants who deserve the very best we can offer. Our investment reflects a deep belief in this city, its people, and its business community—and a commitment to help restore the energy and pride that make Portland unique. Its best days are still ahead.”
“Jeff’s vision and enthusiasm about Big Pink and our city are contagious. We have limited opportunities in our careers to collaborate with best-in-class project teams to help create exceptional places and experiences for our communities. It’s rare there is this kind of potential with an iconic asset, at this scale, anywhere in the country,” says O’Leary. “The more we understood the plan and the vision, the more we wanted to be a part of it.”
“This property has the chance to do something truly transformative,” added McCarthy. “When a cornerstone like Big Pink thrives, entire neighborhoods rise with it. We’re not just filling space—we’re rebuilding a sense of place for Portland.
With some of the largest contiguous blocks of office space in Portland’s central business district, including hundreds of thousands of square feet on its prime view floors, Big Pink is uniquely positioned to attract companies ready to be part of Portland’s comeback story.
About Kidder Mathews
Kidder Mathews is the largest fully independent commercial real estate firm in the Western U.S., with over 900 professionals in 19 offices across Washington, Oregon, California, Nevada, and Arizona. We offer a complete range of brokerage, appraisal, asset services, consulting, and debt & equity finance services for all property types. Kidder Mathews averages $9 billion in transaction volume, manages more than 53 million square feet of space, and conducts 2,400 appraisal, consulting, and cost segregation assignments annually. For more information, visit kidder.com.
