Portland’s most distinctive office tower was acquired by Jeff Swickard, a former telecommunications entrepreneur and automotive leader, with big ties to Oregon.
PORTLAND, Ore. — This story comes from the Portland Business Journal, a KGW news partner. The full story is here.
Barely two months after hitting the market, U.S. Bancorp Tower has a new owner.
Portland’s most distinctive office tower was acquired by Jeff Swickard, a former telecommunications entrepreneur and automotive industry leader with deep ties to Oregon.
The sale price was not disclosed.
Swickard purchased the building through an all-cash transaction from Switzerland-based UBS, according to a news release. UBS has owned the property since 2015.
Seattle-based Unico Properties will continue to manage the building.
“More than 25 years ago, I graduated from the University of Oregon. Like so many others, I admired the Portland skyline from afar, with Big Pink standing tall as a symbol of what was possible,” Swickard said in a news release. “I even interviewed for a job in the tower early in my career. To now become its owner is a full-circle moment, one that carries both meaning and responsibility.”
Swickard Auto Group was a staple on the PBJ’s Fastest Growing Companies list earlier this decade, ranking No. 8 in 2021 and winning the publication’s Lighthouse Award for making the list for five consecutive years. It reported $1.6 billion in 2021 revenue.
“We are always looking out for future challenges,” Jeff Swickard told the Business Journal that year. “The ongoing pandemic and resulting impacts on the automotive industry continue to present challenges to inventory, but we are confident in the changes we are making to avoid the worst effects.”