Cooling of commercial buildings contributes significantly to the peak demand placed on an electrical utility grid. Time-of-use electricity rates encourage shifting of electrical loads to off peak periods at night and on weekends. Buildings can respond to these pricing signals by shifting cooling-related thermal loads either by precooling the building’s massive structure or by using active thermal energy storage systems such as ice storage. While these two thermal batteries have been engaged separately in the past, this paper investigates the merits of harnessing both storage media concurrently in the context of optimal control for a range of selected parameters. A parametric analysis was conducted utilizing an EnergyPlus-based simulation environment to assess the effects of building mass, electrical utility rates, season and location, economizer operation, central plant size, and thermal comfort. The findings reveal that the cooling-related on-peak electrical demand and utility cost of commercial buildings can be substantially reduced by harnessing both thermal storage inventories using optimal control for a wide range of conditions.