The New Zealand Architecture Medal is presented by the New Zealand Institute of Architects and only one medal is awarded each year.
The highly innovative building was described by judges as “a rich, groundbreaking and thrilling tour de force”. It defeated 14 of the country’s other top new designs to take the medal.
Ironbank had already been named a winner in the commercial and sustainable architecture categories of the 2010 New Zealand Architecture Awards.
Architect Gerald Parsonson, convenor of the awards jury, said Ironbank represented a rare synthesis of originality, visual impact, functionality and ecological sensitivity.
“Its towers of stacked boxes have a restless, sculptural quality and the raw, muscular materials harmonise perfectly with the inner city context,” said Mr Parsonson.
“The various occupancies are each afforded a measure of insularity, yet the open circulation encourages a healthy level of interaction.”
Jurors hailed the strong sustainability ethos that had driven the project from conception. This included the recycling of 90 per cent of existing buildings on the site. Features also include a cleverly conceived, space-saving car park with acar stacking solutions.
Judges evaluated entries against criteria including the relationship of a building to its site and context, design quality, building form, structure and spatial qualities. User satisfaction and environmental aspects were also taken into account. 
The main consideration for the judges in assessing projects is how well a project resolves key design issues and then builds on this solution to “contribute to the advancement of architecture”.
Ironbank has also attracted praise from the Auckland City Council's urban design champion, Ludo Campbell-Reid.
He says the buildiong was "out of the ordinary for Auckland" and said it raises the benchmark for the city.
A flow-on effect from Ironbank, he said, is that it would start to heal the streets behind Karangahape Road "into an edgy, gritty and slick kind of precinct"
"You have got a historical heritage precinct and this building has cleverly inserted itself in an appropriate way. It is almost starting to heal and bring back to life K Road, one of the most iconic streets in New Zealand."