If the fuel tanks breached and made it into the building it might. But neither is likely IMO. The fuel on a 150 is all in the wings, and the wings would likely separate from the fuselage as the relatively large surface area of the wings made contact with the building pretty much all at once. (The 150 is not a swept wing aircraft.) I also don't think the tanks would breach, but that's more of a guess. Remember the Yankee ballplayer who crashed into an Eastside apartment in NYC? I don't think there was the same sort of smoke in that instance. I think it probably has something more to do with what was inside that building.
ML/NJ
Don’t forget most buildings like this have back up generators and keep thousands of gallons of diesel for them. If it happened to hit that, it could cause a lot of damage.