VMware vCenter 5.5 - The Storage Service is not initialized. Please try again later

This error happened to me after a migration of a dying vCenter physical box. Because the database was still on the to be decommissioned server, the new vCenter couldn't reach it due to the service VMware vSphere Profile-Driven Storage Service being started with a local user.
The solution was simple, simply change the user Log On to your vCenter admin account in our case a service account called vcenter.service

This should solve.