^Indeed, you may be exactly right. From
JK Dineen in the SF Business Times:
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Another office site, the surface parking lot, belongs to Tishman Speyer. On the street there is a lot of talk that Tishman will go ahead and build, speculation, I suspect, based not on any inside knowledge but on the fact that it’s a fantastic site and Tishman demonstrated that it’s willing and able to build the finest Class A towers in town, both condo and office.
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The caption that goes with the photo of the current parking lot at that link says:
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222 Second: Tishman Speyer could break ground this year on an office tower here.
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Given how hot SOMA office space is, I wouldn't be a bit surprised to see them build this on spec.