Integrated performance simulation of buildings and heating, ventilation and air-conditioning (HVAC)systems can help reducing energy consumption and increasing level of occupant comfort. However, no singe building performance simulation (BPS) tool offers sufficient capabilities and flexibilities to accommodate the ever-increasing complexity and rapid innovations in building and system technologies. One way to alleviate this problem is to use co-simulation. The co-simulation approach represents a particular case of simulation scenario where at least two simulators solve coupled differential-algebraic systems of equations and exchange data that couples these equations during the time integration. This paper elaborates on issues important for co-simulation realization and discusses multiple possibilities to justify the particular approach implemented in a co-simulation prototype. The prototype is verified and validated against the results obtained from the traditional simulation approach. It is further used in a case study for the proof-of-concept, to demonstrate the applicability of the method and to highlight its benefits. Stability and accuracy of different coupling strategies are analyzed to give a guideline for the required coupling frequency. The paper concludes by defining requirements and recommendations for generic co-simulation implementations.