Public Storage relocates 119,000-square-foot headquarters to Frisco amid CEO retirement

Joe Russell Jr. plans to retire March 31, and Public Storage is relocating its corporate headquarters from Glendale, California, to Frisco, Texas, moving its C-suite and principal office into 119,000 square feet at 2811 Internet Boulevard in Hall Park. The announcement, made in mid-February as the company begins a leadership handoff, names Tom Boyle as Russell’s successor and frames the transition as part of a strategic reset called PS4.0.

The company said the move to North Dallas will “benefit from the depth of talent and innovation in that market, while maintaining a long‑term presence in Glendale, California.” The Frisco site in Craig Hall’s Hall Park has been described as a newly constructed building, and Public Storage confirmed it will occupy the full 119,000-square-foot office at that address as its principal headquarters location.

Tom Boyle, currently Public Storage’s Chief Financial and Investment Officer, will become CEO when Russell retires; Russell will remain with the company as a consultant for another year. Boyle said, “I’m deeply grateful to the board for the trust they have placed in me, and I want to sincerely thank Joe Russell for his strong leadership of Public Storage and mentorship to me and the executive team. Joe built a strong foundation for us to launch into PS4.0 with a focus on our people, our customers, our brand, our industry-leading operating platform, and our ability to scale in a fragmented sector.” Boyle added, “Our single most important focus going forward will be per share earnings and cash flow growth resulting in accelerated shareholder returns. I believe the path to achieving that goal will be through superior customer experience and capital allocation.”

Alongside Boyle’s promotion, Public Storage outlined several executive moves. Joe Fisher will join from Denver-based UDR as president and chief financial officer, Natalia Johnson was elevated to chief digital and transformation officer, Chris Sambar will serve as chief operating officer, and Ayash Basu joins from Boston Consulting Group as chief marketing and revenue officer. The company’s investor note also highlights option investments from Shankh Mitra ($25 million) and Ron Havner ($5 million) in 10-year out-of-the-money instruments tied to confidence in the new leadership.

Public Storage is a major national REIT: at the end of 2025 it owned or operated 3,533 self-storage facilities in 40 states with about 258 million net rentable square feet in the U.S., and it retains a 35 percent common equity interest in Shurgard, which had 332 facilities and roughly 18 million rentable square feet in Western Europe. The firm is publicly traded as NYSE: PSA and reported revenue near the multi-billion-dollar range last year; published figures vary from about $4.7 billion to $5 billion across outlets.

The relocation adds Public Storage to Frisco’s expanding corporate roster as Dallas-Fort Worth has become a magnet for headquarters moves — a regional shift that analysts say accelerated between 2018 and 2024. Public Storage’s move places a large S&P 500 headquarters and its executive payroll in Collin County and signals the company’s intent to execute PS4.0 from North Texas while keeping operational ties to Glendale.