Extra Space Storage is proud to announce that Vice President of Legal Kirk Grimshaw has been recognized among Utah Business Magazine’s 2022 Corporate Counsel Award honorees.
Each year, Utah Business honors in-house attorneys who are leading their organizations to higher levels of performance. When looking at Extra Space Storage’s success over the past year, Grimshaw’s many contributions are easy to see.
Grimshaw joined the Extra Space Storage in-house legal team in 2016. Before joining Extra Space Storage, he spent 15 years at two different law firms. “I very much enjoyed private practice, working with various clients, and trying to help them with their legal problems,” Grimshaw shared. “However, my in-house experience has been even better. As in-house counsel, not only do I get to help wade through the legal issues of a transaction, but I also get to help make the business decisions that drive the transaction.”
In 2021, Extra Space Storage acquired over 100 self storage facilities across the country through a combination of wholly-owned purchases, joint venture transactions, and other structures, exceeding $1 billion in transaction volume. Grimshaw was the company’s lead in-house attorney quarterbacking each of those 2021 acquisitions.
In addition to its many joint ventures, Extra Space Storage has further expanded its business reach and began providing loans to the self storage industry and its developers in the past few years. Each of these business areas have grown substantially despite market challenges during the turbulent years of 2020 and 2021. It was Grimshaw who negotiated these joint venture deals and led the legal team’s involvement in approving and funding loans.
“My perspective for any deal has changed from originally just trying to mitigate the legal risks when I was at a private law firm to now trying to produce real benefits and increase real profits,” said Grimshaw. “Seeing all facets of a transaction and having an overall business view allows me to create more value throughout the entire process.”
Beyond his contribution to strategic growth and financial moves, Grimshaw supports Extra Space Storage’s efforts to become better corporate citizens by leading the company’s solar panel program. In 2021 the company invested $17 million in solar initiatives. Grimshaw has been instrumental in negotiating rooftop leases, solar installation contracts, and other agreements to allow solar panels to be placed on the rooftops of hundreds of facilities across the country. Today, over 50% of Extra Space Storage’s wholly-owned properties have solar panels, in large part due to Grimshaw’s efforts. These panels allow the company to decrease energy costs and receive rental income while simultaneously doing its part to find renewable energy sources and reduce its carbon footprint.
Despite his involvement and success with many significant company initiatives over the years, Grimshaw comes back to two simple factors that make his job most rewarding—the people and the culture at Extra Space Storage.
“The most rewarding things about my job are the people and culture at Extra Space. I know that sounds a bit cliché, but it’s true,” he shared. “Most people think of the self storage industry as boring. I mean, at first glance, there’s nothing flashy or glamorous about storage units. But when you get to work with great people in an enjoyable atmosphere, even self storage becomes fun.”