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Tishman Speyer advances with Arts District industrial project
The property is currently leased to startup Hyperloop One
Tishman Speyer, the New York-based developer behind the Brickyard campus and Arboretum Courtyard on the Westside, has revealed more details about its latest project in the Arts District.
The firm is planning to build a three-building office campus spanning 203,000 square feet of space at 2159 E. Bay Street, currently home to Hyperloop One, a transportation technology startup, Urbanize reported.
In addition to office space, there will be 16,000 square feet of commercial space, another 3,200 square feet dedicated for events and a 711-vehicle parking lot, according to an initial study published with the Department of City Planning. The existing buildings would be demolished in the process.
Similarly to its projects on the Westside, the Bay Street development would include a pedestrian walkway and several outdoor terraces.
The New York real estate giant paid $25 million to acquire the four-building campus from sellers Lion Real Estate Group and Mark Borman in October 2016, The Real Deal previously reported.
It filed plans for an eight-story office building, with 222,000 square feet of space, in February 2017, city documents show.
Tishman Speyer is one of the many developers building in the Arts District. Another major institutional player, Hudson Pacific Properties, recently completed an overhaul of a former Coca-Cola factory in the neighborhood. Honey, an online coupons company, has already signed a deal to occupy the 130,000-square-foot office property.
Spotify and Warner Music Group are among the other companies that have been flocking to the Arts District. [Urbanize] — Natalie Hoberman