The energy stored in electric vehicles (EVs) would be made available to commercial buildings to actively manage energy consumption and costs in the near future. These concepts known as vehicle-to-building (V2B) and vehicle-to-grid (V2G) technologies have the potential to provide storage capacity to benefit both EV and building owners respectively, by reducing some of the high cost of EVs, buildings’ energy cost, and providing reliable emergency backup services. In this study, we considered a vehicle-to-buildings/grid (V2B/V2G) system simultaneously for peak shaving and frequency regulation via a combined multi-objective optimization strategy which captures battery state of charge (SoC), EV battery degradation, EV driving scenarios, and operational constraints. Under these assumptions, we showed that the electricity usage/bill can be reduced by a difference of 0.1 on a scale of 0 to 1 (with 1 the normalized original electricity cost), and that EV batteries can also achieve superior economic benefits under controlled SoC limits (e.g., when kept between the SoC range of SoCmin > 30% and SoCmax < 90%) and subjected to very restricted charge-discharge battery cycling.