The award recognises an urban or rural building renovation that helps conserve or improve its local area. Other high profile contenders in the regeneration category included King's Cross Square, the East Village in Newham and Merchant Square in Paddington.
LSBU worked with architecture firm Rivington Street Studio to transform 17 Grade II-listed Georgian buildings on St Georges Circus into a modern, accessible hub for entrepreneurial activity and a home for local businesses.
"The project has transformed these heritage buildings and brought them back into use as start-up units for small businesses, helping the overall regeneration process in the wider area. Set around an attractive courtyard, the Clarence Centre forms a physical link between the university and the changes now taking place in the wider Southwark area," said the RICS judges' official statement.
The building is also home to LSBU's Research, Enterprise and Innovation team, which provides support, training and expertise to start-ups, student entrepreneurs, small and medium-sized enterprises (SMEs) and non-profit organisations.
"Since September 2013, we have all been involved in transforming a derelict building into what is now a vibrant community of entrepreneurs, innovators and experts, as we've seen with last week's Celebrate Enterprise event, our regular Investment Escalator workshops and other University events," said Adrian Tindall, Tenant Manager for the Clarence Centre.