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The Phoenix office market is showing improvement in many areas as the economy continues to recover. Although the high-tech industry is still struggling, the metro area received federal funding for biotechnology and nanotechnology research that will help Phoenix establish itself as a premier research center in the coming decade. Currently, there are five biotech projects either under way or recently completed, totaling 730,000 square feet. This includes the 170,000-square foot TGen headquarters building, which was completed in the Downtown South submarket in November 2004. The site of the former Los Arcos Mall in the South Scottsdale submarket will finally be redeveloped. The city of Scottsdale and Arizona State University plan to shape the former retail center into the ASU Scottsdale Center for New Technology and Innovation. The 42-acre site will house a $86.5 million research park.