JUNE 2008: AROUND THE STATE
The selling of
Big Pink
PORTLAND It may
not quite be Oregon’s tallest building, but the U.S.
Bancorp Tower is definitely the pinkest, and it’s
available.
The 536-foot, 43-floor skyscraper’s light-reflecting mix
of granite and glass has served as a centerpiece to the
Portland skyline since 1983. Now JPMorgan has put the tower up
for sale for an undisclosed price two years after purchasing it
for $280 million.
It remains to be seen whether Big Pink will sell quickly. 2007
was a record year for out-of-state investment in Portland
commercial real estate, but the market may have peaked when
JPMorgan paid a record $380 per square foot last July for the
Brewery Blocks.
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