One of Portland’s most recognizable landmarks, the U.S. Bancorp Tower, also known as “Big Pink,” has been bought by Oregon businessman Jeff Swickard, founder of Swickard Automotive, who owns more than 50 car dealerships across six states.

Swickard bought the 42-story office tower in an all-cash deal for $45 million. The building, which spans 1.2 million square feet, is the largest office property in Oregon. Swiss investment firm UBS had owned it since 2015. Seattle-based Unico Properties will continue to manage the property.

The acquisition is part of Swickard’s larger investment strategy in Portland, which includes real estate and other business ventures. He also plans to execute modernization efforts on the tower and its adjacent plaza. The 42-story building was constructed in 1981 and underwent major renovations in 2015.