The London-based firm is up against an impressive list of global offices, including West 8 from Holland and Norway's Snøhetta.
The competition's brief takes in a swathe of the city's harbour. It is largely urban design led, taking in a 3.5km section of the water front from the Western Gap to the Parliament Street Slip.
The brief demanded that entries attempt to knit this part of the city into the rest of the harbour, which has been successfully regenerated.
The other two shortlisted submissions on the five-strong shortlist - which saw off 33 other entries - are Stan Allen Architects with Sarah Whiting and Ron Witte Architects from Princeton, and New York's Tod Williams Billie Tsien Architects with Martínez Lapena-Torres Architects of Barcelona.
The winner will be selected on 31 May and the initial construction is planned for the autumn.
by Tom Downes