HONG KONG-The Agricultural Bank of China has purchased the 28-story office building here at 50 Connaught Rd. for $629 million. The bank will use the 175,481-square-foot building as its Hong Kong headquarters.

Colliers International handled the sale of the 83%-occupied building. Antonio Wu, deputy managing director of the local Colliers office, said there’s an acute lack of available office in core business district, known as Central.

The building, designed by architect Robert A.M. Stern, has 151 feet of frontage on Connaught Road. The buyer will also be able to put its name on the building, Wu said in a statement. “The purchase of the property is inevitably a value-for-money transaction,” he said.