HONG KONG-The Agricultural Bank of China haspurchased the 28-story office building here at 50 Connaught Rd. for$629 million. The bank will use the 175,481-square-foot building asits Hong Kong headquarters.
Colliers International handled the sale of the 83%-occupiedbuilding. Antonio Wu, deputy managing director ofthe local Colliers office, said there’s an acute lack of availableoffice in core business district, known as Central.
The building, designed by architect Robert A.M.Stern, has 151 feet of frontage on Connaught Road. Thebuyer will also be able to put its name on the building, Wu said ina statement. “The purchase of the property is inevitably avalue-for-money transaction,” he said.
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