Commercial buildings are responsible for a large fraction of energy consumption in developed countries, and therefore are targets of energy efficiency programs. Motivated by the large inherent thermal inertia of buildings, the power consumption can be flexibly scheduled without compromising occupant comfort. This temporal flexibility offers opportunities for the provision of frequency regulation to support grid stability. To realize energy savings and frequency regulation, it is of prime importance to identify a realistic model for the temperature dynamics of a building. We identify a lowdimensional data-driven model and a high-dimensional physicsbased model for different spatial granularities and temporal seasons based on a case study of an entire floor of Sutardja Dai Hall, an office building on the University of California, Berkeley campus. A comparison of these contrasting models shows that, despite the higher forecasting accuracy of the physics-based model, both models perform almost equally well for energy efficient control. We conclude that the data-driven model is more amenable to controller design due to its low complexity, and could serve as a substitution for highly complex physicsbased models with an insignificant loss of prediction accuracy for many applications. On the other hand, our physics-based approach is more suitable for modeling buildings with finer spatial granularities.