Heat recovery from ventilation air is proven technology resulting in significant energy savings in modern buildings. The article presents an energy analysis of an air handling unit with a cross-flow heat exchanger in an office building in Poland. Measurements were taken during one year of operation, from 1 August 15 to 31 July 16, covering both heating and cooling periods. Calculated annual temperature efficiency of heat and cold recovery amounted to 65.2% and 64.6%, respectively, compared to the value of 59.5% quoted by the manufacturer. Monthly efficiency of heat recovery was from 37.6% in August to 68.7% in November, with 63.9% on average compared to 59.5% declared by the manufacturer. Cold recovery was from 63.3% in April to 72.8% in September, with 68.1% annually. Calculated recovered heat and cold amounted 25.6 MWh and 0.26 MWh, respectively. Net energy savings varied from −0.46 kWh/m2 in August, when consumption by fans exceeded savings, to 5.60 kWh/m2 in January.