The building is in Janadhipathi Mawath in Colombo's Fort area near the official residence of the President, formerly known as Queen's House.
"The property was owned by SCB for several decades but the building has been maintained properly," Lahiru Karunathilaka, director from Ernst & Young Corporate Finance, who are advisors to the sale said.
"It will be useful for a high end hotel cum retail project."
The building has about 115,000 square feet of floor area.
The main offices of Standard Chartered offices in Colombo are housed in a different building several blocks away, since a merger of the bank with ANZ Bank.
The building is now occupied by government offices on rent.
Sri Lanka is experiencing a tourism boom after a 30-year civil war ended in 2009 and investors have rushed to buy land in Colombo to put up large hotel projects and apartments.
India's Krrish group recently acquired a British colonial era administration building from the state to convert to a luxury hotel while the adjacent land will see a 460 million US dollar mixed commercial and residential development.