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SYCAMORE TOWNSHIP, OH-CNG Financial Corp., the owner and operator of 1,350 Check ‘n Go Stores across the country, has signed a 10-year lease for two floors at the new Redstone office development here in the Kenwood submarket. The company is downsizing from its 68,000-sf headquarters in Mason to anchor status with its 64,000-sf lease at the 160,000-sf Redstone.

Scott Street Partners is developing the new $30-million building on eight acres at 7755 Montgomery Rd., just south of Interstate 71, in this Cincinnati suburb. The property will reportedly be finished in 2008.

The CNG move is seen as a consolidation of space, says a spokesman for the company. “This new building is more centrally located to our employee base,” the spokesman tells GlobeSt.com. “The growth in Warren County led to transportation and logistics problems. Also, townships in Ohio don’t assess income tax, making it easier to recruit.” About 250 employees work at the Mason facility now.

The spokesman wouldn’t divulge the lease rate. However, Loveland-based Cincinnati Capital Properties Inc., which is leasing the space, has an asking price on its website of $17.95 per sf for the Redstone building. A Scott Street spokesperson could not be reached for comment. The property reportedly was originally set for a 300,000-sf mixed-use project, including more than 200,000 sf of office space, but the deal fell apart when township officials said the idea was too dense for the surrounding area.

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