Technically, yes. But remember that buildings don't move (usually). But it would be phenomenally stupid to do, since the building doesn't move, and the spell doesn't remove the knowledge that the building exists. The local security provider will get a free PR piece once they bring in a mage to counterspell it. In a sprawl, that's a public nuisance at best. The only use for something like that would be to make a black research facility out in country literally disappear, probably with a Quickened version of the spell. The problem being, though, that it would be immediately obvious on the astral or through other senses that something was up, like how you know a strike is incoming when someone sets up jamming.
There is no good way to conceal an entire building in the middle of a sprawl. In the Barrens or in rural areas (or even a park, if you wanted) an illusion that changed the entrance to a building to be something else would be your best bet. Likely a static version of Trid Phantasm. Say there was an underground bunker under the park. Put a Quickened Trid Phantasm to make the entrance look like a rock formation (bonus points if it really is shaped like a rock formation, and you are disguising the presence of a door). In a rural area, a wide-area illusion could change the terrain so that the compound looks to be part of the forest. However, again that will make it even more noticeable on the astral. Hiding it behind a ward would also tell astral viewers that something was there, but not what. However, you do it in an area with few spellcasters, and most people would never know the facility was there, except rumors when people see black helicopters disappearing into the woods.
