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CLIENT SUCCESS STORY
Callahan Capital Partners
Without the Yardi platform in place before we were looking to grow our portfolio, we may not have been able to partner with Ivanhoe Cambridge. Yardi was a big part of that growth.
Andy Passamani
Senior VP of Accounting, Callahan Capital Partners
‘Wait for Yardi’ has been my mantra. Yardi will come up with a solution and if they don’t have it now, they will — just give them time to perfect it.
Andy Passamani
Senior VP of Accounting, Callahan Capital Partners
Products featured
The benefits
At its peak, Callahan used the connected Yardi platform to run a 20-million-square-foot portfolio with 25 professionals, manage $500 million in construction projects without a dedicated IT department, and position the firm to layer AI on a single authoritative dataset.
The company
Callahan Capital Partners (Callahan) was founded in 2007 by Tim Callahan, former CEO of Equity Office Properties and TriZec Properties. The firm operates with a deliberately lean structure — currently eight professionals — and manages third-party property management relationships with firms like CBRE and JLL entirely within its Yardi platform. Andy Passamani, senior vice president of accounting and Yardi system administrator, has been with the firm since its founding and implemented the Yardi platform in its first year.
The challenge
Scaling without adding headcount
When Callahan launched in 2007, the firm was using a mix of MRI and QuickBooks across five buildings in Denver. The technology was functional at small scale, but it wasn’t built for what came next. Within a few years, the firm entered a joint venture with Ivanhoe Cambridge that would grow the portfolio from 3 million to 20 million square feet across several U.S. markets.
That scale required a system that could serve as a single source of truth: one authoritative dataset that third-party property managers, brokers, accountants and investors could all work within. Disconnected systems would have resulted in a less efficient operating model, requiring additional resources and higher ongoing costs. The firm also needed to manage $500 million in construction and TI projects, track leasing pipeline, produce investor-ready reporting and run budget cycles — all without building out an IT department.
Parallel systems in the deal pipeline
As the portfolio grew, Callahan was required by Ivanhoe Cambridge to use VTS for deal tracking alongside the firm’s preferred Yardi leasing tools. Running two parallel systems created a reconciliation burden. Three or four lease admin staff were dedicated to keeping VTS and the Yardi environment synchronized. The friction was visible, the data lag was real and the case for a single-system solution was clear.
Manual recovery modeling in forecasting
Before Forecast Manager, the firm used another popular forecasting tool for commercial real estate. But that tool’s inability to support multiple simultaneous users and its requirement to model all recoveries by hand made the budget cycle time-consuming. The firm was also managing leasing assumptions and capital forecasts in separate workflows that had to be manually reconciled.
The solution
Voyager Commercial
Voyager Commercial is the operational core of Callahan’s platform — the single source of truth on which every other module is built. All third-party property management activity conducted by CBRE, JLL and other managers runs inside Callahan’s Yardi ecosystem, giving the firm visibility across its entire portfolio without managing a separate data transfer or reconciliation process. CCP’s single stack philosophy with Yardi insures Unified Data Integrity, Real Time visibility and Decision Making, Seamless Workflow Integration, Stronger governance and Compliance and Scalability and Future Proofing.
Deal Manager
Callahan implemented Deal Manager in 2023, replacing the parallel VTS-and-Lease-Manager workflow that had required dedicated reconciliation staff. The move completed the firm’s single-stackecosystem. Deal Manager connects directly to Forecast Manager and Construction Manager, so leasing assumptions and deal promotions flow into the budget without manual re-entry. Broker adoption has improved as Yardi has refined the Deal Manager interface — a factor Passamani considers as important as the internal team’s buy-in.
Forecast Manager
Forecast Manager replaced the previous forecasting solution and eliminated the manual recovery modeling that slowed the firm’s budget cycles. Recoveries now flow from core Voyager into the forecast environment automatically. Leasing assumptions pull from deals already in progress in Deal Manager and capital planning integrates with Construction Manager. The firm can model scenarios with multiple users working simultaneously — a basic requirement that the other system couldn’t support.
Construction Manager
Construction Manager is the longest-tenured Elevate product in Callahan’s stack. At the height of the Ivanhoe Cambridge joint venture, the firm managed roughly $500 million in projects — tenant improvements, lobby renovations, plazas, fitness centers, full window replacements and roof replacements — through job cost and Construction Manager. At 110 North Wacker alone, the firm has completed $74-75 million in TI and capital projects since 2020. Monthly job forecasts and construction review meetings run out of the Construction Manager environment. When projects close, they move automatically into Yardi Fixed Assets for depreciation — no manual transfer required.
Yardi Virtuoso (roadmap)
Passamani sees Yardi’s AI integration as the next inflection point for the platform. His view: the value of AI depends entirely on the quality of the data it draws from and the stack gives AI a complete dataset to pull from. A single-stack system built on one authoritative dataset gives AI a clean foundation to answer questions, generate projections and potentially replace standalone tools. The firm currently produces cash flow worksheets for investor reporting by exporting project data to Excel — a process Passamani expects AI to transform once Virtuoso is fully deployed.
The story
A lean firm running an institutional portfolio
At the peak of the Ivanhoe Cambridge joint venture, Callahan managed 20 million square feet with 25 total staff including reception, investment and administrative roles. With the close of the Ivanhoe Cambridge JV, the company currently manages 2 million SF and operates with eight professionals and no IT department. Passamani draws a direct line from that efficiency to the single-stack Yardi platform. For comparison, he spent part of his career at TriZec Properties, a 36-million-square-foot portfolio that carried 10-15 IT staff and roughly 100 accountants running disconnected systems.
The case for waiting
Passamani tells a story from a YASC (Yardi Advanced Solutions Conference) gathering more than a decade ago. He sat next to a peer who had spent significant time, money and effort building a custom integration with a third-party project management tool — only to learn that Yardi was about to release its own version. The integration was never real-time, the maintenance was ongoing and the peer wished he had waited. The lesson shaped Passamani’s approach. When a best-in-class third-party product comes to market, he’ll listen. But in his experience, Yardi always delivers.
AI on a single source of truth
Passamani’s expectation for Virtuoso comes down to data architecture. A single-stack system eliminates the competing answers that emerge when AI draws from disconnected sources. With Callahan’s full operational and financial history sitting in one Yardi platform from leasing, construction, fixed assets and forecasts to investor reporting, the AI layer has a complete, consistent dataset to work from. He expects that to translate into on-demand projections, faster cash flow modeling and eventually a reduction in dependence on standalone analysis tools.
People alongside the product
Passamani closes with a point he emphasizes strongly: the Yardi platform’s value isn’t only in the software. The support staff know both the product and real estate. That combination of Industry expertise plus software depth is what has made an 18-year relationship work at an operational level, not just a contractual one.