The Fall of Big Pink: How Portland’s Iconic Tower Became a Symbol of Urban Decline

Big Pink and the Downfall of Downtown Portland: A Case Study in Urban Decay

Once a symbol of economic vitality and architectural pride, the U.S. Bancorp Tower—better known as Big Pink—now stands as a stark reminder of Portland’s urban decline. I once worked there briefly, during a forgettable corporate training session. My boss at the time, with his socialist ideals, clashed constantly with my libertarian perspective. That chapter ended when I left for a better job—ironically foreshadowing what many tenants would later do: walk away from Big Pink.

Today, the iconic Portland skyscraper is half-empty. The bank that gave the tower its name has relocated most of its employees, leaving the building behind—at least in spirit. In legal documents filed as part of a lease-termination lawsuit, conditions in the tower were described as dire: vagrants sleeping in vacant offices, fires in stairwells, rampant drug use, and human waste in shared areas.

As Peter Grant of The Wall Street Journal reported, what was once a premier business address in Portland is now a hotspot for crime, vandalism, and social disorder.

Despite the city’s long-standing liberal culture—satirized in shows like Portlandia—the situation has taken a dark turn. Homelessness in Portland has escalated dramatically, and once-cosmopolitan downtown streets are now dominated by tent encampments and open drug use.

Ironically, the name “Big Pink” has nothing to do with politics; it comes from the building’s pink-hued Spanish granite and tinted glass. But in 2025, the 42-story tower is up for sale for just $70 million—a staggering 80% drop from its purchase price a decade ago.

Pre-pandemic Portland was a magnet for tech companies, offering scenic surroundings and lower living costs than Seattle or San Francisco. The U.S. Bancorp Tower thrived during that time, with high occupancy rates and rising rents. Companies like Digital Trends signed long-term leases and invested heavily in office upgrades, including private kitchens and home theaters.

Now, Digital Trends is suing to break its lease, citing “a cesspool of criminal activity and vandalism.” Their departure highlights a broader trend: Portland’s office vacancy rate is now over 35%, driven by a deadly mix of remote work, public safety concerns, and what critics describe as a failed drug decriminalization policy.

The city’s response? More taxes. Instead of addressing the root causes of decline, Portland officials have pushed for increased funding for homeless services and universal preschool, while ignoring the economic flight of businesses and residents. Property values have plummeted, eroding the city’s tax base and leaving major projects in limbo.

One example is a $600 million development launched in 2023, including a Ritz-Carlton hotel, luxury condos, and office space. It’s now on the brink of foreclosure due to weak condo sales, adding to the list of Portland’s downtown real estate failures.

As Politico journalist Natalie Fertig noted, this “proudly liberal city” has endured over 100 days of violent protests, a homelessness epidemic, and a radical experiment in drug policy—all of which have contributed to its current crisis.

In a desperate move, Portland voters approved a complete overhaul of city government, replacing the existing structure with a weaker mayor, an expanded city council, and ranked-choice voting. A new, more business-friendly mayor has taken office—but many fear it’s too little, too late for Big Pink.