**EXHIBIT 21**

**Subsidiariesof Registrant**

| **Name (2)**                           | ** ** | ** ** | ** **           | **Place of Incorporation  or Formation** | ** ** | **Percentage of Voting  Securities of  Subsidiaries Owned  by Registrant as of  December 31, 2006** | ** ** |
|---------------------------------------------|------------|------------|----------------------|---------------------------------------------------------|------------|--------------------------------------------------------------------------------------------------------------------------------------------------|------------|
| B-R Holdings, Inc.                     |       |       | Virginia             |                                                    |       |                                                                                                                                             | 100.0%     |   |   |
| Investment Company of B&R, Inc.    |       |       | Delaware             |                                                    |       |                                                                                                                                             | 100.0%     |   |   |
| B&R Sudley Corporation                  |       |       | Virginia             |                                                    |       |                                                                                                                                             | 100.0%     |   |   |
| WMC Management Co., Inc.               |       |       | District of Columbia |                                                    |       |                                                                                                                                             | 100.0%     |   |   |
| B&R Waterfront Properties, LLC          |       |       | District of Columbia |                                                    |       |                                                                                                                                             | 54.0%      |   |   |
| Ft. Hill Office Associates, LLC             |       |       | Virginia             |                                                    |       |                                                                                                                                             | 80.0%      |   |   |
| Springfield Realty Investors, LLC           |       |       | Virginia             |                                                    |       |                                                                                                                                             | 100.0%     |   |   |
| Waterside Associates, LLC                   |       |       | District of Columbia |                                                    |       |                                                                                                                                             | 49.0%      |   |   |
| EGAP Corporation                            |       |       | Maryland             |                                                    |       |                                                                                                                                             | 100.0%     |   |   |
| Redwood Commercial Management, LLC (1)      |       |       | Virginia             |                                                    |       |                                                                                                                                             | 50.0%      |   |   |
| 900 Northbrook Owner, LP                    |       |       | Pennsylvania         |                                                    |       |                                                                                                                                             | 90.6%      |   |   |
| Northbrook Development Parcel Owner, LP     |       |       | Pennsylvania         |                                                    |       |                                                                                                                                             | 100.0%     |   |   |
| Fountains Owner, LLC                        |       |       | Delaware             |                                                    |       |                                                                                                                                             | 100.0%     |   |   |
| Victoria Place Apartments, LLC              |       |       | Florida              |                                                    |       |                                                                                                                                             | 85.0%      |   |   |
| B&R Investments (PA) L.P.               |       |       | Pennsylvania         |                                                    |       |                                                                                                                                             | 97.6%      |   |   |
| B.R. Properties Owner, LP                   |       |       | Pennsylvania         |                                                    |       |                                                                                                                                             | 97.6%      |   |   |
| One Northbrook Owner, LLP                   |       |       | Pennsylvania         |                                                    |       |                                                                                                                                             | 100.0%     |   |   |
| 220 West Germantown Pike Owner, LP          |       |       | Pennsylvania         |                                                    |       |                                                                                                                                             | 98.2%      |   |   |
| Seaside Investor, LLC                       |       |       | Maryland             |                                                    |       |                                                                                                                                             | 51.0%      |   |   |
| 400 South Philadelphia Developers, LLC      |       |       | Maryland             |                                                    |       |                                                                                                                                             | 51.0%      |   |   |
| 14th Street Developers, LLC            |       |       | Maryland             |                                                    |       |                                                                                                                                             | 51.0%      |   |   |
| B&R Investment Properties FL, Inc. |       |       | Florida              |                                                    |       |                                                                                                                                             | 50.0%      |   |   |
| Fourteenth Street Borrower, Inc.       |       |       | Maryland             |                                                    |       |                                                                                                                                             | 100.0%     |   |   |
| B&R 1105, LLC                           |       |       | Delaware             |                                                    |       |                                                                                                                                             | 100.0%     |   |   |
| B&R 5160 Parkstone Owner, LLC           |       |       | Virginia             |                                                    |       |                                                                                                                                             | 100.0%     |   |   |
| B&R 919, LLC                            |       |       | Delaware             |                                                    |       |                                                                                                                                             | 100.0%     |   |   |
| Crisfield Borrower, LLC                     |       |       | Maryland             |                                                    |       |                                                                                                                                             | 51.0%      |   |   |
| Jersey Island Owner, LLC                    |       |       | Maryland             |                                                    |       |                                                                                                                                             | 51.0%      |   |   |
| 4259 West Swamp Road Owner, LP              |       |       | Pennsylvania         |                                                    |       |                                                                                                                                             | 100.0%     |   |   |
| B&R Devon Owner, LP                     |       |       | Pennsylvania         |                                                    |       |                                                                                                                                             | 5.5%       |   |   |
| 955 Mearns Road Owner, LP                   |       |       | Pennsylvania         |                                                    |       |                                                                                                                                             | 97%        |   |   |
| Mearns Unit 2 Owner, LP                     |       |       | Pennsylvania         |                                                    |       |                                                                                                                                             | 97%        |   |   |
| B&R Six Valley Square Owner, LP         |       |       | Pennsylvania         |                                                    |       |                                                                                                                                             | 100%       |   |   |
| 510 E. Township Line Road Owner, LP         |       |       | Pennsylvania         |                                                    |       |                                                                                                                                             | 100%       |   |   |
| Blue Bell Valley Square Owner, LP           |       |       | Pennsylvania         |                                                    |       |                                                                                                                                             | 97%        |   |   |
| 4259 West Swamp Road Owner, LP              |       |       | Pennsylvania         |                                                    |       |                                                                                                                                             | 100%       |   |   |
| 510 East Township Line Owner, Inc.     |       |       | Pennsylvania         |                                                    |       |                                                                                                                                             | 100%       |   |   |
| B&R 10333 Harwin Drive Owner, LP        |       |       | Delaware             |                                                    |       |                                                                                                                                             | 100%       |   |   |
| B&R 1100 NASA Parkway Owner, LP         |       |       | Delaware             |                                                    |       |                                                                                                                                             | 100%       |   |   |
| B&R 1110 NASA Parkway Owner, LP         |       |       | Delaware             |                                                    |       |                                                                                                                                             | 100%       |   |   |
| B&R 1120 NASA Parkway Owner, LP         |       |       | Delaware             |                                                    |       |                                                                                                                                             | 100%       |   |   |
| B&R 17043-49 El Camino Owner, LP        |       |       | Delaware             |                                                    |       |                                                                                                                                             | 100%       |   |   |
| B&R 1717 Portway Plaza Owner, LP        |       |       | Delaware             |                                                    |       |                                                                                                                                             | 100%       |   |   |
| B&R 8700 Commerce Drive Owner, LP       |       |       | Delaware             |                                                    |       |                                                                                                                                             | 100%       |   |   |
| B&R 9950 Westpark Owner, LP             |       |       | Delaware             |                                                    |       |                                                                                                                                             | 100%       |   |   |
| Huntington at Sundance Owner, LP (FL)       |       |       | Florida              |                                                    |       |                                                                                                                                             | 100%       |   |   |
| 950 Threadneedle Owner, LLC                 |       |       | Delaware             |                                                    |       |                                                                                                                                             | 100%       |   |   |
| B&R CPN Owner, LP                       |       |       | Delaware             |                                                    |       |                                                                                                                                             | 100%       |   |   |
| Holliday Master, LLC (1)                    |       |       | Maryland             |                                                    |       |                                                                                                                                             | 51%        |   |   |
| Guilford  Properties Master (1)             |       |       | Maryland             |                                                    |       |                                                                                                                                             | 51%        |   |   |

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(1)             Notincluded in the consolidated financial statements as a subsidiary.

(2)             Thenames of certain subsidiaries have been omitted because, considered in theaggregate as a single entity, they do not constitute a significant subsidiary.

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