U.S. Bank leaving ‘Big Pink’ tower in downtown Portland

PORTLAND, Ore. ( KOIN ) — The business landscape of downtown Portland is about to change.

U.S. Bank is leaving its iconic home, the U.S. Bancorp Tower, affectionately known as “Big Pink,” as first reported by The Oregonian and The Portland Business Journal .

The company confirmed it is letting its lease expire next year at the building in what they call a move to manage their real estate.

A U.S. Bank spokesperson told KOIN 6 News via email that there won’t be any job cuts related to the move. Instead, some employees will move to other facilities downtown and several hundred will move out of downtown. Many of the employees will be moved to a facility the company owns in Gresham.

U.S. Bank released the following statement about the departure:

“The Portland area is a significant part of our company history and we’re committed to maintaining our presence and involvement there, which is why we chose it as one of our hub markets. As part of our work to manage our real estate, we made the decision to not renew the lease for most of our space at U.S. Bancorp Tower. We will continue to serve customers through our four branches in or near downtown. We expect employees move to other U.S. Bank locations by the end of the year. There are no job reductions or changes to branch services associated with this transaction.”

U.S. Bancorp Tower was originally the headquarters of U.S. Bank’s parent company and was built just over 40 years ago.

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