Designed by architect Rebii Gorbon, the Karaköy Passenger Terminal housed the Pilotage Service, and the Accounting Service of the Maritime Organization. Early 1930’s see an increase in the number of vessels visiting the Port of Istanbul, bringing about a major boost in passenger and cargo, taxing the capacity of existing wharfs and passenger terminals. To alleviate the resulting congestion, several changes are made to the Tophane wharf. 

A design competition is organized in 1936 for a new terminal is won by architect Rebii Gorbon, and the construction of the new Karaköy Passenger Terminal begins between Çinili Han and Merkez Han, on a parcel of land previously occupied by Küçük Rıhtım Han, Panorama Han, Orta Han and Maritime Han, which are demolished to make room. As the land is on reclaimed land on the seafront, piles are driven to support the foundation. And the construction of the building begins in earnest. The Passenger Terminal opens its doors on July 1, 1940. 

The clock adorning the tower of this modern terminal is designed and built by Mustafa Şem-i, watchmaker to the court of Abdul Hamid II. The passenger terminal serves as the office of the Pilotage Service, and the Accounting Service of the Maritime Organization.

Over the years, the historical terminal also houses the Liman Restaurant as well, and remains in operation until May 2014. Liman Restaurant remains as an iconic Karaköy establishment and an important historical destination for many years inside the Karaköy Passenger Terminal, which spends the majority of its life as a port facility.