Dutch Bros Coffee is leaving its Portland, Oregon, headquarters for a new home in Tempe.
The beverage giant confirmed its headquarters move from the Pacific Northwest to the Sun Belt on June 11, the Phoenix Business Journal reported. The company previously stated it planned on moving a significant portion of its corporate operations to The Grand Canyon State, though it initially planned to keep its headquarters in its home state.
“Over the past several months, we have seen the functional and cultural advantages of having more of our field support roles working together in one place,” the company said in a statement. “Bringing more people together will allow us to better serve our customers and crews across the country.”
Last July, Dutch Bros indicated it was moving 40 percent of its corporate roles to the Phoenix area and signed a full-building lease for 136,426 square feet at Liberty Center at Rio Salado in Tempe. It ended up being one of the largest office leases signed in Arizona that year. The company moved into the offices at 1910 West Rio Salado Parkway — now the new HQ — earlier this year.
To temporarily house employees before moving into the new Tempe home base, Dutch Bros held a lease for a smaller office at The Quad business park, located at 6320 East Thomas Road in Scottsdale. The move to Arizona will cost the chain an estimated $41 million, per the Business Journal.
Dutch Bros was founded in Grants Pass, Oregon, in 1992. The company went public on the New York Stock Exchange in 2021.
Since its IPO, Dutch Bros has seen continued growth and financial success across the country.
Last year, the coffee chain’s annual revenue grew 32 percent from the previous year to $1.3 billion. In the first quarter, it reported $355 million in revenue, marking a 29 percent year-over-year increase.
Its stock price, meanwhile, has increased more than 60 percent since its stock exchange debut four years ago.
By the end of the first quarter, Dutch Bros operated 1,012 stores across 18 states, with nearly 90 of them in Arizona. It opened 151 shops nationwide last year and plans to open at least another 160 this year. While most locations are concentrated in the West and Texas, the company has stretched as far as the Southeast with outposts in Florida and Alabama.