Jeff Swickard, the founder and CEO of Swickard Auto Group, is expressing optimism for the future of Portland and Oregon as he recently completed the all-cash purchase of the iconic U.S. Bancorp Tower, also known as “Big Pink,” for approximately $45 million. Despite the significant decline in the downtown property market—evidenced by the building’s last sale in 2015 for $372.5 million—Swickard sees potential in the area and is committed to investing in the local real estate market.
Swickard, who currently resides in Nevada but maintains a home in West Linn, has plans to upgrade the 42-story tower, which has long been a symbol of Portland’s challenges with vacant office spaces. He expressed a deep personal connection to the building, recalling how it inspired him during his youth, and he aims to retain Unico Properties as the property manager for his new acquisition.
He is not only focusing on Big Pink; Swickard has reportedly allocated over $100 million for investments in Portland-area properties this year alone. His commitment is further highlighted by his assertion that he is not looking for short-term profits but hopes to play an integral role in the city’s resurgence.
Mayor Keith Wilson welcomed Swickard’s investment, stating that it reflects the kind of hope and commitment that Portland needs during challenging times. The mayor emphasized the city’s readiness to support initiatives that will enhance the downtown experience for residents and businesses alike.
This development aligns with broader trends, as other large investors, including the Saudi Arabian sovereign wealth fund, are also showing interest in urban office spaces, suggesting a potential recovery in the commercial real estate sector. Swickard’s vision and investment could serve as a catalyst for revitalizing Portland, illustrating that there are opportunities even during downturns.