​Two years later, the city’s biggest office tower stands more than half empty. U.S. Bank, the largest tenant whose parent company’s name is on the building, pulled most of its employees out last year after more than a century in the city.

The 42-story tower was recently put up for sale. The building affectionately known as Big Pink because of its pink-hued Spanish granite and pink glazed glass has an asking price of about $70 million, according to brokers. That is more than 80% below what the owners paid for it a decade ago. 

Even investors like Jordan Menashe who seek out distressed properties are steering clear of this one. He says any turnaround looks years away. 

“I don’t see a way to get it into the green in the next five to seven years,” Menashe said. 

Representatives for the building’s owner, a venture between Unico Properties of Seattle and a fund managed by UBS, declined to comment. 

The troubles at Big Pink offer a potent symbol of what ails downtown Portland. They also serve as a warning for what can happen to once-bustling downtowns if they get caught in the doom loop of losing businesses.

Many cities across the U.S. are starting to recover from what has been one of the worst office downturns of the past 75 years. Businesses leased more office space during the first three months of 2025 than in any quarter since 2019. That turnaround stretches from New York to San Francisco, after companies summoned workers back to the office and their return boosted local businesses.