New ‘Big Pink’ owner paid for building in cash. Here’s how much

University of Oregon graduate Jeff Swickard purchased one of downtown Portland’s largest buildings, the U.S. Bancorp Tower, for $45 million cash.

He told KOIN 6 News he is very excited about the sale, adding that he’s not just betting on a building, he’s betting on Portland.

The building was worth $375 million when it was up for sale 10 years ago, but Swickard said in-office values in general have depressed.

While it’s not the city’s tallest building, it boasts the most office space with nearly 1.2 million square feet.

On Wednesday, Mayor Keith Wilson told KOIN 6 that Swickard’s plans for the building are exactly what Portland needs.

Swickard said those plans are modifying the building to get businesses excited to come back downtown.

“What we can do is we can provide a modern office space with the best amenities and do it at a price that hopefully will bring people, and businesses back into, the downtown and hopefully that benefit will benefit the state of Oregon, and the City of Portland.”

He plans to offer lease rates that he says have never been offered, and he’s also pushing to bring in small and medium business tenants alongside large businesses.

“One of the things that we’re hoping to do, with the mayor’s help, is to build a skybridge between the parking garage and the building,” Swickard said. “Because personal safety and security is a real issue and concern for people in Portland today.”

While it’s true the U.S. workforce, in general, has many people opting to work from home these days, Swickard said he’s confident he can draw some companies back to renting out office space.

” I think that the energy that made Portland great or that makes Portland great is there. And I think it will drive people to want to come back to work. And I think companies, in general, like the camaraderie and…the spirit of working together, working in person,” Swickard said.

He said it will likely take about 7-10 years to fully realize his vision for the building.

Stay with KOIN 6 News as this story develops.