Laguna Hills-based Pacific Monarch Resorts has signed a seven-year lease valued at $1.7 million to take 7,932 square feet at 4590 MacArthur Boulevard in Irvine.
The space, which used to be occupied by the Orange County Business Journal, now is a sales office for the timeshare developer.
Started in 1985, Pacific Monarch Resorts has 1,000 employees, more than 200 of whom are based in Orange County. The company has properties in Capistrano Beach, Ramona and Palm Springs. Pacific Monarch Resorts is also building timeshares in Cabo del San Jose and Las Vegas.
The lease deal with Principal Capital Management in Irvine, which owns the building, averages $2.55 per square foot per month. It begins with a rate of $2.46 a square foot and increases annually to $2.69 a square foot in the contract’s fourth year. During the fifth year of the contract, however, Pacific Monarch Resorts is scheduled to pay at a slightly descending rate, according to sources.
