Name: Jen Cookke
Occupation: President and CEO of Lincoln-based F.H. French Company and Blackstone Management
Background: Started Blackstone Management in 1997, and worked there as president for two years before enrolling in a graduate program at the Massachusetts Institute of Technology. She bought the company her grandfather, Fred Herbert French, began in 1936 from her father, Jack Keigwin, in September 2001.
Education: Bachelor’s degree from Boston University, MBA from Bryant College, and MS from Massachusetts Institute of Technology
Rhode Island's Market Has Changed. Developers, Builders, Investors and Sellers Must Change With It.
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Age: 35
Residence: Providence
PBN: Tell me about F.H. French and Blackstone Management.
COOKKE: Blackstone Mana-gement is a property management company that I started in 1997. When I came to work here from Boston my family had a sizable area of real estate and nothing was professionally managed. When I began the company my family was the largest client and my goal was to make them the smallest client. With this company we manage properties and do all the leasing for brokerage firms. F.H. French is a developer. We build buildings, design them, lease them and develop the projects, so day to day business is very different.
On the development side we’re looking for projects all the time, and on the property management side it’s leasing and maintenance.
Does one business demand more attention than the other?
One of the benefits of both companies is that they’re very intermingled. One company will do something for the other company. When a building is finished the property management company has to come in and do their role, so they’re constantly working together.
As far as the duality goes, I don’t find that given different economic conditions, the emphasis will be on one rather than the other. I can always find something. You have to be more creative, more cautious at that time and property management is just a given.
Speaking of economic conditions, describe the health of the commercial building industry.
I think on a national level, it has certainly slid somewhat, and people are more cautious. But truly at F.H. French, we don’t see that happening. We talk a lot about it; obviously, we’re watching it, and we’re concerned about it, but I personally think with the reorganization, shifting and regrouping of companies we’re almost seeing an increase in business.
For example one of our largest tenants bought out a competitor because the price was finally right, but they need larger space. We’re building them a perfect building, and I don’t know if this would happen in what was considered ‘good’ times.
Is there any such thing as a spec building any more?
When I was saying that I was just thinking about how we are actually looking at one of our largest speculative projects right now. And whereas before we might have done it without a strong intent from a tenant, we will now wait until we have a letter of intent. But this is a large development – probably four 100,000-square-feet buildings.
And we’re going to try to make it similar to what I think is lacking coming from the Boston market. It’s really a high-end campus sort of environment where the services are all in one park. And we have two key players, and we’re working more closely with them, as well as the state and the local officials.
We will certainly continue to do spec buildings. Part of creating demand is creating supply. I think that’s the entrepreneurial spirit.
Does the current recession change the way you do business?
We’re watchful, but I think that’s the way we’ve always operated because we’re a family business, and we’ve got our eyes on the business at all times. We don’t get sloppy.
As far as being a third-generation family business, is there increased pressure on you to perform because you were once the "boss’s daughter"?
Without a question. I have to prove myself day in and day out. When I first came to work here I think we were all trying to determine how hard this was going to be, and if I could rise to the occasion. We were also wondering if my father and I could work together, because we have very different styles.
And it worked well and Jack was ready to retire. I definitely think the generation needs to be ready to retire if it is to work. There has to be a definition of stopping, a definition of ‘this is where you end and where I begin.’
Working together can be very difficult. We worked together on a project, and Jack is my mentor almost more than he is my father, but he can be tough.
I’ve been given a great opportunity. I’m 35 and the head of a multi-million dollar company. I worked my butt off to get here, but it is still a terrific opportunity.
You’re in an industry not thought of as being dominated by women. Do you feel you have to work harder to prove yourself in that regard too?
There are always old boys clubs, but there are also females. Personally maybe it’s the fact that I was brought up in an all-male world so I’m used to it. I worked on construction sites every summer from middle school on.
So I see my gender as a positive thing. I don’t consider it an obstacle. I think it’s a benefit and it gives me an edge, because I look at things differently.
You mentioned how there should have been an earlier end-point with your father at this company, how much of an overlap was there?
When I came here to start the company I worked here for two years, and then I left to go to MIT. At that point I thought I had learned everything I really could learn on a day-to-day basis from working under him, and after I finished at MIT for grad school, the job offers were incredible coming from the program.
But it was a difficult decision to either come back here or go on to a different company that would probably be a bit more high-profile, dealing with bigger cities, and I would have to relocate my family back here. There were a lot of things to consider.
The decision to come here was that I saw a lot of potential in the state. And this organization was a unique vehicle to do the kind of work I wanted to do, which is a mix of commercial development, private partnerships and sustainable developments that add to the state’s attractiveness.
The timing was ideal because my father was ready to slow down and let me be the next generation, to let me do what I wanted to do.
And that was the agreement that I had to have, which is why I actually bought the company. I needed for him to say "on the first day of September, I move out of the corner office and you’re in charge. What’s in the bank is yours. If you make money it’s your money, and if you lose money it’s your money."
And it’s harsh sometimes, but we made that agreement. Certainly, I can’t tell you that there aren’t some times when it gets muddy.
So does he ever stick his nose back into the business?
All the time. (laughs) I put a note on his desk before I came that said, "Clean out the office, there’s a new sheriff in town."
You’ve worked in construction since you were about 13, did you always know you wanted to be involved in the family business?
I have one brother who is a doctor and he made it quite clear he didn’t want to be involved. I didn’t know I wanted to become involved either. I went into corporate real estate out of college, and worked for Liberty Mutual Insurance and the Sheraton Hotel Corporation (both in Boston) as director of real estate operations, so real estate has always interested me.
Owning a company allows me the flexibility I need to create the balance that I want of a wife, mother and businesswoman, and as a new mom that’s such an advantage to me.
Your grandfather started the company, and he sold it to his son-in law, your father, who sold it to you. What are the chances your son, Harrison Cookke, will be running this company one day?
Purchasing of the company was never anything that was just assumed. My father was a biochemist and then he decided he wanted to be an entrepreneur. He saw the business, which was at that point pretty much dormant, and then my parents bought it.
As far as Harry goes, certainly the business is there if he wants it, and to my brother’s children it’s always available also. I would think it would be fun for them to work here through the summers to get a feel for it. I’m not sure this is unique to our family, but there has never been any pressure to go into the family business.
It’s here if you want it, and there’s the opportunity to make it something. I certainly don’t want this company to be what it was five years ago because that doesn’t fit my personality. I want to have different kinds of projects, and I would hope that whoever took over from me would feel the same.
What sort of projects do you have coming down the line?
We historically deal in commercial building, and we are starting to explore some re-use development. It’s really opened my eyes to urban planning and revitalization. I think Rhode Island can thrive in that area.
We’re looking at some projects now involving old mills for mixed-use redevelopment. And we’re very interested in southeastern Massachusetts. That area has a lot of great potential.
And we also have this big speculative project that I mentioned earlier, but I can’t name the clients yet. Medical is still holding strong too.
As the private sector slows down do you find yourself looking at the public sector more?
I don’t necessarily believe we’re slowing down. I think we create our own opportunities and you have to look in different places, and an excellent opportunity is working with local officials and towns to create new developments. I believe with developers and towns there are a lot of opportunities to work together.
