Only 3.7% of office space and 1.3% of lab space is available for lease in South Lake Union, leaving much to be desired for any company hoping to settle in the hot neighborhood, JLL reports. To fill this void, Unico and BioMed Realty each put forth proposals for two big office properties in the South Lake Union market.

Seattle-based Unico Properties is planning a six- to eight-story building at 330 Yale Ave. N, according to public records, the Puget Sound Business Journal reports. The site is on the campus of Pemco's former headquarters, which Unico bought for $51.75M at the end of 2014. Pemco relocated to its new headquarters on the west side of Lake Union in 2015.

The Seattle Daily Journal of Commerce first reported on Unico's plans for the new building. The report named Perkins+Will as designer.

San Diego-based BioMed Realty hopes to construct a two-tower, 14-story building on the full block at 700 Dexter Ave. N. The project will have nearly 350K SF of office, 26,250 SF of ground-floor retail and restaurant space, and 520 underground parking stalls once completed.