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O’FALLON, MO-Time Warner Telecom Holdings Inc. has signed a 48,000-sf office lease at Summit Place One here in the Winghaven Office Park. The 10-year lease in the 70,000-sf building, now under construction by McEagle Development, is valued at $11.3 million.

Jim Mosby, a VP with Colliers Turley Martin Tucker, says Time is taking the two of the three floors of the Summit building. The rest of the facility, due to be delivered in December, is still vacant. “We definitely have interest,” he tells GlobeSt.com. “I’d like to find a larger user to take a whole floor, but we’re prepared to break it up into multi-tenant. I expect to have something signed by the end of the year.”

McEagle plans to build at least 140,000 sf more office space on the 18-acre Winghaven site, Mosby says. “They’re either going to do two more buildings the same size, or one more at about 200,000 sf, depending on the size that tenants are asking for. We’re not sure when this will start.”

He says the office market in the area is doing well, with vacancy going into single digits at the end of the second quarter. “We’re continuing to trend down. If a tenant needs a space around 50,000 sf, you only have a few quality choices here, that’s forcing developers to do spec buildings like this.”

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