You are speaking centralized as in having one central unit for the building, are you not? I am speaking about having a big company, usually city-run, making the cool in a huge plant and then pump it out (in insulated pipes) to the rest of the city/town.

The heat version of it is very common here in Sweden (for towns bigger than, say, 10k people) and it is a lot more efficient (and therefore, cheaper) than having heating units in the different buildings. We even have bigger data centers selling their spare heat from their cooling back to the heating systems.