U.S. Bancorp Tower
| U.S. Bancorp Tower | |
|---|---|
Viewed from street level
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 Location within Portland, Oregon
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| Alternative names | Big Pink Unico/U.S. Bancorp Tower |
| General information | |
| Type | Commercial offices |
| Architectural style | Modernism |
| Location | 111 SW 5th Avenue Portland, Oregon |
| Coordinates | 45°31′22″N 122°40′34″W / 45.5228°N 122.6762°WCoordinates: 45°31′22″N 122°40′34″W / 45.5228°N 122.6762°W |
| Construction started | 1981 |
| Completed | 1983 |
| Cost | US$60 million |
| Owner | Unico Properties, Wafra Investment Advisory Group, Broadreach Capital Partners |
| Height | |
| Roof | 163.38 m (536.0 ft) |
| Technical details | |
| Floor count | 42 (above ground) |
| Floor area | 69,000 m2 (740,000 sq ft) |
| Lifts/elevators | 20 |
| Design and construction | |
| Architect | Skidmore, Owings & Merrill |
| Developer | U.S. Bancorp |
| Main contractor | Howard S. Wright Construction |
| References | |
The U.S. Bancorp Tower is a 42-story, 163.38 m (536.0 ft) skyscraper in Portland, Oregon. It is the second tallest building in the city after Wells Fargo Center, and with its nearly 69,000 m2 (740,000 sq ft) office space, it's the largest in Oregon in terms of volume.
Designed by Skidmore, Owings and Merrill (SOM) with Pietro Belluschi as the consultant, the tower cost $60 million to construct. Ground was broken on May 29, 1981, and the building was largely completed in June 1983. It was dedicated on December 1, 1983. The tower adjoins U.S. Bank Plaza at 555 SW Oak Street, a 7-story, 497,800 sq ft (46,250 m2) building constructed in 1974. A tower expected to rise about 37 stories was already part of the bank's long-term site plans at that earlier date, but that phase of the plans ended up being delayed until the 1980s.
Originally, the building served as the national headquarters of U.S. Bancorp, and was the regional headquarters of that organization until a 1997 merger moved the corporate offices to Minneapolis, Minnesota. As of 2004, U.S. Bancorp had 480,000 sq ft (45,000 m2) leased until 2015.
During the 1980s and 1990s, the top floors held the headquarters of Louisiana-Pacific.
Since a $4 million renovation in 2002, the 30th floor of the tower has been occupied by the Portland City Grill, Portland's top-grossing restaurant. It has been cited as the restaurant with the best view in Portland.
In 2000, the U.S. Bancorp Tower was sold for a price of $165 million to a partnership of three firms: Unico Properties, JPMorgan and Wafra Investment Advisory Group. In 2004, a majority stake in the tower was acquired by California-based Broadreach Capital Partners LLC, which bought-out JPMorgan and Wafra, but Unico continued to own 25 percent. At that time, 92 percent of the building was leased.
In August 2006, a majority stake in the building was purchased by "institutional investors advised by JPMorgan Asset Management" for a price of $286 million.
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