Trust President Richard Moe, in a statement, called the 1898 terminal at the foot of Market Street "San Francisco's most distinguished historic building." He also predicted that the revived landmark will be "a catalyst for the revitalization of the entire San Francisco Bay waterfront area."

The Ferry Building reopened in late spring after a $100 million restoration following decades of neglect, including separation from the rest of the city by the construction of the now-razed Embarcadero Freeway. Restaurants and food shops have begun opening on the ground floor, with offices above. There is also a new 30-foot-wide public passage along the water.

The award was presented to a team of recipients, including the Port of San Francisco and three local architectural firms: SMWM, BCV Architects, and Page and Turnbull.