U.S. Bancorp Tower

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"Big Pink" redirects here. For the album by The Band, see Music from Big Pink. For the British electro-rock duo, see The Big Pink.
U.S. Bancorp Tower
USBankcorpTower.png
Viewed from Washington Park
U.S. Bancorp Tower is located in Portland, Oregon
U.S. Bancorp Tower
Location within Portland, Oregon
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°W / 45.5228; -122.6762Coordinates: 45°31′22″N 122°40′34″W / 45.5228°N 122.6762°W / 45.5228; -122.6762
Construction started 1981[1]
Completed 1983
Cost US$60 million[2]
Owner JPMorgan Asset Management
Height
Roof 163.38 m (536.0 ft)
Technical details
Floor count 42
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
[3][4][5][6]

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.[7]

History[edit]

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,[1] and the building was largely completed in June 1983.[8] It was dedicated on December 1, 1983.[2] 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.[9] A tower expected to rise about 37 stories was already part of the bank's long-term site plans at that earlier date,[9] but that phase of the plans ended up being delayed until the 1980s.[10]

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. U.S. Bancorp has 480,000 sq ft (45,000 m2) leased until 2015.[11]

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.[12] It has been cited as the restaurant with the best view in Portland.[13]

In 2000, the U.S. Bancorp Tower was sold for a price of $165 million[citation needed] to a partnership of three firms: Unico Properties, JPMorgan and Wafra Investment Advisory Group.[14] In 2004, a majority stake in the tower was acquired by California-based Broadreach Capital Partners LLC, which bought-out JPMorgan and Wafra,[14] but Unico continued to own 25 percent.[11] At that time, 92 percent of the building was leased.[11][14]

In August 2006, a majority stake in the building was purchased by "institutional investors advised by JPMorgan Asset Management"[15] for a price of $286 million.[16]

On September 9, 2008, LaSalle Investment Management entered a purchase partnership with Unico Properties for $285 million to acquire the building.[citation needed]

Design[edit]

Perhaps the most unusual features of the U.S. Bancorp Tower are its shape and color. Pietro Belluschi was most concerned about the play of light and shadows on its surface; meanwhile, the SOM team had to work with a uniquely shaped lot due to the street grid. Because of the street grid, the tower features no right angles in its parallelogram footprint. This, in turn, makes it look either extremely slender or wide depending upon one's viewing angle.[10] Belluschi carefully selected the glass and granite for the exterior facing. The pink granite covering the building was quarried in Spain. The Pittsburgh Plate Glass used for the windows is also pink, an effect caused by its being "glazed in a semitransparent coating of copper and silver that looks pink from the outside".[10] The windows can absorb or reflect light depending upon how much light is upon them, while the surrounding granite may appear darker or lighter than the window panes, depending upon the time of day. The unusual color earned the building the nickname "Big Pink". As of 2013, the entire building is undergoing design renovation and construction expected to last until 2015.[4]

See also[edit]

References[edit]

  1. ^ a b Brennan, Tom (May 30, 1981). "U.S. Bancorp begins 'staggering' tower". The Oregonian, p. C7.
  2. ^ a b Sorenson, Donald J. (December 2, 1983). "Regan sidesteps Feldstein issue at bank dedication". The Oregonian. p. E1. 
  3. ^ U.S. Bancorp Tower at CTBUH Skyscraper Database
  4. ^ a b U.S. Bancorp Tower at Emporis
  5. ^ U.S. Bancorp Tower at SkyscraperPage
  6. ^ U.S. Bancorp Tower at Structurae
  7. ^ Jenkins, Tam (October 1, 2013). "List Leaders: Portland's largest office buildings". Portland Business Journal. Retrieved 7 November 2013. 
  8. ^ Cour, Brian (July 24, 1986). "PacifiCorp units lease 2 floors in bank tower". The Oregonian, p. F13.
  9. ^ a b "New office buildings take place on downtown skyline, boost economy". (March 24, 1975). The Oregonian, p. G2.
  10. ^ a b c Hayakawa, Alan R. (November 27, 1983). "Pink granite, reflective glass triumph of design for bank tower". The Oregonian. Living section, p. 14. 
  11. ^ a b c Curl, Aimee (September 10, 2004). "Broadreach Capital Partners buys U.S. Bancorp Tower". The Daily Journal of Commerce. Retrieved October 20, 2013. 
  12. ^ "Portland City Grill among nation's top-grossing restaurants". Portland Business Journal. May 11, 2004. Retrieved 12 December 2012. 
  13. ^ Mark Wigginton (May 2, 2003). "Where to eat in Portland". USA Today. Retrieved 12 December 2012. 
  14. ^ a b c Culverwell, Wendy (September 10, 2004). "New ownership for U.S. Bancorp Tower". Portland Business Journal. Retrieved October 20, 2013. 
  15. ^ Culverwell, Wendy (May 4, 2008). "U.S. Bank [sic] Tower could fetch $340M sale price". The Portland Business Journal. Retrieved October 20, 2013. 
  16. ^ Rivera, Dylan (July 24, 2007). "Brewery Blocks sell at a premium". The Oregonian. Retrieved October 20, 2013. 

External links[edit]