The fire was initially reported around 1:50 p.m. and a total of four alarms were called. Firefighters were eventually ordered to leave the building due to the intensity of the fire.
Embarcadero has been shut down in both directions between Bay St. to Sansome St. and Muni's F Line is also shut down in the area.
America's Cup spokesperson Jane Eagleson says Piers 27 and 29 are part of the upcoming America's Cup race.
The building was vacant at the time of the fire and do injuries have been reported. The cause of the fire is unknown at this time.
Police are asking people to stay away from the area.