It is owned by the Urban Renaissance Group and KKR Real Estate Finance Trust Inc.[4] The mall features three floors of shopping, with the third level serving mostly as professional office spaces, a food court, and U.S. Education Corporation's Carrington College.

The mall was named after southern Californian oil company executive Ralph B. Lloyd (1875–1953) who wished to build an area of self-sufficiency that included stores and residential locations.

However, the mall wasn't built until 37 years later, due to major events such as the Great Depression[1] and World War II, as well as Portland's conservative anti-development attitude.

The Lipmans name was apparently reinstated[citation needed] at a new location in the north end of the mall in 1987, only to be replaced by that of Spokane-based The Crescent later in the same year.

The former Nordstrom spaces had been gutted and refitted as inline stores, followed by a mall-wide renovation around late 1990-early 1991 which fully enclosed the mall and added a food court.

Glimcher Realty Trust sold 60% of the center to Blackstone Real Estate Partners in 2010 after a deal to sell the entire mall fell through the year before.

[13] Lloyd Center was sold by Glimcher to Cypress Equities Real Estate Investment Management in June 2013.

After the Old Navy closure, the first floor of the mall from the former Sears and the former Marshalls to the former Payless Shoe Source would be completely empty with vacant storefronts.

[27] On November 1, 2021, it was reported by local media that KKR Real Estate Finance Trust would be foreclosing on Lloyd Center by the end of the year due to payments on its $110 million debt loan not having been made since October 2020.

In a press release on December 20, 2021, Seattle-based real estate company Urban Renaissance Group announced themselves as the new owner-operators of Lloyd center and expressed intentions to listen to "existing tenants, neighbors, the broader community and City officials.

"[4]The managing director of Urban Renaissance Group, Tim Kilbane, said that while store owners will not be seeing major changes to the mall for two years, they are unable to sign five-year leases due to uncertainty about future plans.

[29] Several small, art-focused local businesses relocated into the mall in 2022, citing lower rent and greater influence over the future of the location.

[34] The mall continues to host community events in 2024,[35] several of which are various local entertainment events that are smaller and more unique to the area such as Portland's secret roller disco several times in the empty Marshall's,[36] a local theater company hosting productions in what was a Victoria's Secret,[37] and a performance art piece in the dry fountain sculpture Capitalism.

[38] Bigger organizations such Live Nation in 2018 and Anschutz Entertainment Group in 2024 have made plans to develop a larger music events space out of the mall.

[43] The open-air rink was widely popular, drawing more than a million visitors in its first two years,[43] and remains the mall's central attraction.

[47] Despite allowing for more natural light, the renovations were met with controversy by some locals, as the size was less than 4/5ths of what it was and some skaters took issue with the oval shape.