Just four months after purchasing the Arts District headquarters of Hyperloop One for $25 million, developer Tishman Speyer is moving forward with redevelopment plans for the property.

Yesterday, the New York based real estate firm submitted plans to the City of Los Angeles to construct an eight-story, 138-foot tall off building on the 1.69-acre site at 2159 E. Bay Street.  The proposed mid-rise building would feature approximately 222,000 square feet of offices, in addition to commercial space and a 444-car parking garage.

Tishman, which has most recently developed a series of office buildings in Playa Vista, is taking its first dive into the Arts District, where a number of investors have converted historic warehouses to office space in a bid to attract tech and entertainment companies.  Shorenstein Company became the first to hit pay dirt late last year, when Warner Group agreed to relocated its West Coast headquarters to the Ford Factory.

Although the historic boundaries of the Arts Disrict were long cut off at the north side of 7th Street, the neighborhood's success over the past several decades has prompted excursions farther south.

A mixed-use campus has been announced for a large property next-door to Tishman's development site, and a similar project is in the works one block west near Mateo Street.