The company said the move is part of a larger corporate restructuring and major leadership overhaul. The company said in a statement this month that it hopes the “depth of talent and innovation” in North Texas will benefit the company through its transitions.
Public Storage will takeover a 119,000-square-foot facility at 2811 Internet Blvd. in Frisco’s Hall Park., located less than a mile south of Dallas Cowboys’ headquarters The Star.
The self-storage giant has been based in Southern California since its founding in 1972. It operates more than 3,500 self-storage facilities across 40 states and employs more than 5,000 people nationwide.
The move to Texas comes amid a period of significant change for the company. The company’s current Chief Financial and Investment Officer Tom Boyle is set to step in as CEO in March, succeeding Joe Russell.
The headquarters move also comes after a new California law that requires rent hike disclosures in the self-storage industry took effect last year.
Public Storage is just the latest company to leave California for Texas in recent years.
Hair care company John Paul Mitchell Systems moved to Wilmer from Southern California and green energy company GAF moved to Georgetown from San José last year.
Energy company Chevron announced plans to move to Houston in 2024 after years of disputes with Sacramento politicians over climate and energy policies.
That same year, Elon Musk announced he was moving all of his companies from 2024 after a public fight with California Gov. Gavin Newsom and policies over student gender identity changes. His automaker Tesla had moved three years prior to just outside of Austin, with aerospace company SpaceX, tunneling company The Boring Co. and social media site X making the transition to the Lone Star State.
Charles Schwab left the Bay Area for Westlake in 2019.
Along with the wave of companies, many billionaires are leaving California due to a proposed one-time 5% tax on state billionaires’ wealth in the state. Cryptocurrency and artificial intelligence czar to The White House David Sacks announced he had moved to Austin from California at the end of last year, opening up a new location for its venture capital firm.
North Texas has emerged as a top choice for new corporate headquarters in recent years. Several companies like Ruiz Foods, PGA of America, TIAA and Brightline Dealer Advisors have moved to Frisco in the past five years.