At a ceremony held today, the Royal Institute of British Architects (RIBA) announced the winners of this year's Stirling and Stephen Lawrence prizes, which recognize the U.K.'s best new building and a project with a budget of less than £1 million (about $1.3 million), respectively.

2018 Stirling Prize

Nigel Young Bloomberg, London by Foster + Partners

Selected from a shortlist released in July, Bloomberg, London by Foster + Partners won this year's Stirling Prize. RIBA president Ben Derbyshire, Hon. AIA, described the project as "a monumental achievement" in a press release. "The creativity and tenacity of Foster + Partners and the patronage of Bloomberg have not just raised the bar for office design and city planning, but smashed the ceiling," he said.

The 2018 RIBA Stirling Prize jury, announced in September, was comprised of chair David Adjaye, Hon. FAIA, founder of London-based Adjaye Associates; Ben Derbyshire, Hon. AIA, RIBA president; Alex de Rijke, founding director of London firm dRMM Architects, which won the 2017 Stirling Prize; Jude Kelly, former artistic director of the Southbank Centre and Woman of the World Festival founder; and Kathrin Hersel, property director for Almacantar, the prize's sponsor. Architect Simon Sturgis was the jury's sustainability adviser.

2018 Stephen Lawrence Prize

Greg Storrar Old Shed New House by Tonkin Liu Architects

This year's Stephen Lawrence Prize went to Old Shed New House by Tonkin Liu Architects. The jury for the 2018 Stephen Lawrence Prize was comprised of Doreen Lawrence, the mother of the prize's namesake Stephen Lawrence; Marco Goldschmied, Hon. AIA, of the Marco Goldschmied Foundation, which founded the prize; Meredith Bowles of Mole Architects, recipient of the 2017 Stephen Lawrence Prize for the Houseboat; and Asher Bourne, the winner of the Stephen Lawrence Scholarship.