California’s Public Storage relocating headquarters to North Texas

A California company valued at about $50 billion is relocating its corporate headquarters to North Texas.

Public Storage, the chain for people who need extra space, is shifting its corporate hub to Frisco, according to a statement this week. The company has been based in Glendale, Calif., a city north of Los Angeles.

The relocation will benefit “from the depth of talent and innovation in that market, while maintaining a long-term presence in Glendale,” the company said in a statement on Thursday.

Ernesta in Dallas recently opened.

The Dallas-Fort Worth area has racked up new headquarters in recent years, drawn by factors such as a business-friendly climate, a central location in the continental U.S., and a growing, well-equipped workforce. California has ceded a growing number of HQ exits to North Texas, including names such as Kelly-Moore Paints, Schwab and CBRE.

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The company lists its Frisco address as 2811 Internet Boulevard in a recent Securities and Exchange Commission filing. The company said the board approved the change in the principal address earlier this week.

Amid the relocation, Public Storage also announced what it called “PS4.0” — an effort that includes a leadership transition and strategic vision to accelerate long-term relative total shareholder returns, the company said. Tom Boyle, the chief financial and investment officer, was elevated to CEO, effective April 1.

The company, with its orange-colored buildings recognizable to many Americans, has more than 3,500 self-storage facilities in 40 states as of the end of last year. In addition, the company had revenue of roughly $5 billion last year, according to a filing.

Investors give it a market capitalization of more than $50 billion, as of Friday at about 10:30 a.m. Dallas time, according to Yahoo! Finance. That’s bigger than Kroger, Delta Air Lines and Workday.

The new Wiley X Pro Shop in Frisco.