PORTLAND, Ore. — This story comes from the Portland Business Journal, a KGW news partner. Click here for the whole story.
U.S. Bank, a strong presence in downtown Portland for more than a century, will not renew its lease in the iconic building that bears its name.
U.S. Bancorp Tower serves as the regional headquarters for U.S. Bank and is home to hundreds of employees.
An email to employees obtained by the Business Journal revealed that the company "decided to not renew (its) lease of U.S. Bancorp Tower (known as 'Big Pink') at 111 S.W. Fifth Ave." The move is part of a "new workforce strategy companywide, which includes transitioning key markets to hub status," the company told employees.
"We’re not quite at that point in Portland, but we want you to be aware of an opportunity we’re pursuing in the market as we prepare for the hub transition down the road."
In a statement issued to the PBJ, the bank said:
“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 will 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.”
