In order to control seismic responses of building structures effectively and stably, it is very important to estimate the dynamic characteristics of target structure exactly based on input-output signal data. In this paper, it is shown that Subspace Identification Method is able to be applied effectively to system identification of building structures. To verify the efficiency of Subspace Identification Method, the vibration experiments were conducted on a specimen structure which is a 5-storied building structure model consisted of H-shaped steel beam, and the simulated seismic responses of the identified structure model were compared with the observed ones under the same excitation. It was observed that the experimental results coincided with the analyzed ones proposed in this paper.