It is the second tallest building in the city after Wells Fargo Center, and with its nearly 69,000 m2 (740,000 sq ft) office space, it is the largest in Oregon in terms of volume.

Pietro Belluschi was most concerned about the play of light and shadows on its surface; meanwhile, the SOM team had to work with a uniquely shaped lot due to the street grid.

[9] Designed by Skidmore, Owings and Merrill (SOM) with Pietro Belluschi as the consultant, the tower cost $60 million to construct.

[14] In 2000, the U.S. Bancorp Tower was sold for a price of $165 million[citation needed] to a partnership of three firms: Unico Properties, JPMorgan and Wafra Investment Advisory Group.

[15] In 2004, a majority stake in the tower was acquired by California-based Broadreach Capital Partners LLC, which bought-out JPMorgan and Wafra,[15] but Unico continued to own 25 percent.

[12][15] In August 2006, a majority stake in the building was purchased by "institutional investors advised by JPMorgan Asset Management"[16] for a price of $286 million.