Exhibit 21

B. F. SAUL REAL ESTATE INVESTMENT TRUST LIST OF SUBSIDIARIES



|                                          |  |                      |  |                              |  |                                  
|----------------------------------------- |  | -------------------- |  | ---------------------------- |  | ---------------------------------
|100% OWNED SUBSIDIARIES                   |  | Site ofIncorporation |  | Date ofAcquisition/Formation |  | CurrentPrincipal BusinessActivity
|Arlington Hospitality Corp.               |  | Virginia             |  | 1997                         |  | Hotel Owner                      
|                                          |  |                      | 
|Auburn Hills Hotel Corporation            |  | Maryland             |  | 1994                         |  | Hotel Owner                      
|                                          |  |                      | 
|Auburn Hills Land Corp.                   |  | Maryland             |  | 1997                         |  | Land Owner                       
|                                          |  |                      | 
|Avenel Executive Park Phase II, LLC       |  | Maryland             |  | 2000                         |  | Real Estate Investor             
|                                          |  |                      | 
|Boca Raton East Hospitality Corp.         |  | Florida              |  | 1998                         |  | Hotel Owner                      
|                                          |  |                      | 
|Boca Raton West Hospitality Corp.         |  | Florida              |  | 1998                         |  | Hotel Owner                      
|                                          |  |                      | 
|Cascades Hospitality Corporation          |  | Virginia             |  | 1999                         |  | Hotel Owner                      
|                                          |  |                      | 
|Chain Bridge Hospitality Corporation      |  | Virginia             |  | 1999                         |  | Hotel Owner                      
|                                          |  |                      | 
|Circle 75 Development LLC                 |  | Delaware             |  | 2005                         |  | Development                      
|                                          |  |                      | 
|Circle 75 East Hospitality Corp.          |  | Georgia              |  | 2000                         |  | Inactive                         
|                                          |  |                      | 
|Circle 75 Hospitality Corp.               |  | Georgia              |  | 1999                         |  | Inactive                         
|                                          |  |                      | 
|Commerce Center Development Corp.         |  | Florida              |  | 1980                         |  | Office Bldg Owner                
|                                          |  |                      | 
|Commerce Center Holdings LLC              |  | Florida              |  | 2000                         |  | Land Owner                       
|                                          |  |                      | 
|Crystal City Hospitality Corp.            |  | Virginia             |  | 1989                         |  | Hotel Owner                      
|                                          |  |                      | 
|Dearborn, L.L.C.                          |  | Delaware             |  | 1992                         |  | Land Owner                       
|                                          |  |                      | 
|Dulles Hospitality Corp.                  |  | Virginia             |  | 1997                         |  | Hotel Owner                      
|                                          |  |                      | 
|Dulles North Four, Corp.                  |  | Virginia             |  | 1999                         |  | Office Bldg Owner                
|                                          |  |                      | 
|Dulles North Five, Corp.                  |  | Virginia             |  | 1999                         |  | Office Bldg Owner                
|                                          |  |                      | 
|Dulles North Hospitality Land Condominium |  | Virginia             |  | 2007                         |  | Office Condo.                    
|                                          |  |                      | 
|Dulles North Six, Corp.                   |  | Virginia             |  | 2000                         |  | Office Bldg Owner                
|                                          |  |                      | 
|Dulles North Seven Corp.                  |  | Virginia             |  | 2000                         |  | Inactive                         
|                                          |  |                      | 
|Dulles North Office Park II Corporation   |  | Virginia             |  | 1998                         |  | Office Bldg Owner                
|                                          |  |                      | 
|Dulles North Properties LLC               |  | Virginia             |  | 2005                         |  | Land Owner                       
|                                          |  |                      | 
|Dulles South Hospitality LLC (a)          |  | Delaware             |  | 2005                         |  | Hotel Owner                      
|                                          |  |                      | 
|Dulles South Hospitality Member LLC       |  | Delaware             |  | 2005                         |  | Hotel Owner                      
|                                          |  |                      | 
|Dulles Sterling Hospitality LLC           |  | Delaware             |  | 2005                         |  | Development                      
|                                          |  |                      | 
|Ft. Lauderdale Hotel Corp.                |  | Florida              |  | 1998                         |  | Hotel Owner                      
|                                          |  |                      | 
|Gaithersburg Hospitality Corp.            |  | Maryland             |  | 1998                         |  | Hotel Owner                      
|                                          |  |                      | 
|Garden Plaza LLC                          |  | Delaware             |  | 2006                         |  | Office Bldg Owner                
|                                          |  |                      | 
|Great Plains Investment LLC               |  | Delaware             |  | 2008                         |  | Investment                       
|                                          |  |                      | 
|Hay Adams Holdings LLC (b)                |  | Delaware             |  | 2006                         |  | Hotel Owner                      
|                                          |  |                      | 
|Hay Adams Holdings Member LLC             |  | Delaware             |  | 2006                         |  | Hotel Owner                      
|                                          |  |                      | 
|Herndon Hotel Corporation                 |  | Virginia             |  | 1996                         |  | Hotel Owner                      
|                                          |  |                      | 
|HP Boca Hospitality LLC                   |  | Delaware             |  | 2007                         |  | Predevelopment/Hot.              
|                                          |  |                      | 
|HP Lansdowne Hospitality LLC              |  | Delaware             |  | 2007                         |  | Predevelopment/Hot.              
|                                          |  |                      | 
|I-95 Yamato Condominium Association, Inc  |  | Florida              |  | 1998                         |  | Condominium                      
|                                          |  |                      | 
|Loudoun Tech One LLC (c)                  |  | Delaware             |  | 2006                         |  | Office Bldg Owner                
|                                          |  |                      | 
|Loudoun Tech One Member LLC               |  | Delaware             |  | 2006                         |  | Office Bldg Owner                
|                                          |  |                      | 
|LT One Corp.                              |  | Virginia             |  | 1999                         |  | Inactive                         
|                                          |  |                      | 
|LT Two LLC                                |  | Virginia             |  | 2001                         |  | Inactive                         
|                                          |  |                      | 
|Montgomery Village Hospitality LLC (d)    |  | Delaware             |  | 2006                         |  | Hotel Owner                      
|                                          |  |                      | 
|Montgomery Village Hospitality Member LLC |  | Delaware             |  | 2006                         |  | Hotel Owner                      
|                                          |  |                      | 
|NVA Development Corporation               |  | Virginia             |  | 1984                         |  | Office Bldg Owner                
|                                          |  |                      | 
|Peachtree/Northeast Corp.                 |  | Georgia              |  | 1979                         |  | Land Owner                       
|                                          |  |                      | 
|Pueblo Hotel Corp.                        |  | Colorado             |  | 1985                         |  | Inactive                         
|                                          |  |                      | 
|Sharonville Hotel Corporation             |  | Ohio                 |  | 1986                         |  | Hotel Owner                      
|                                          |  |                      | 
|Sterling Hotel Corp.                      |  | Virginia             |  | 1997                         |  | Hotel Owner                      
|                                          |  |                      | 
|Sterling North Hospitality LLC            |  | Delaware             |  | 2006                         |  | Development                      
|                                          |  |                      | 
|Sterling South Hospitality LLC            |  | Delaware             |  | 2006                         |  | Development                      
|                                          |  |                      | 
|Sterling South Hospitality Subsidiary LLC |  | Delaware             |  | 2007                         |  | Hotel Owner                      
|                                          |  |                      | 
|Sweitzer Lane LLC                         |  | Maryland             |  | 2000                         |  | Office Bldg Owner                
|                                          |  |                      | 
|Towns of Crescent Park, LLC               |  | Georgia              |  | 2005                         |  | Development                      
|                                          |  |                      | 
|Towns of Crescent Woods, LLC              |  | Georgia              |  | 2006                         |  | Development                      
|                                          |  |                      | 
|Tysons Park, Inc.                         |  | Virginia             |  | 1999                         |  | Office Bldg Owner                
|                                          |  |                      | 
|Tysons Park II, Inc.                      |  | Virginia             |  | 2000                         |  | Inactive                         
|                                          |  |                      | 
|Tysons Park Place II LLC                  |  | Delaware             |  | 2006                         |  | Office Bldg Owner                



1



---

Exhibit 21

(Continued)

B. F. SAUL REAL ESTATE INVESTMENT TRUST LIST OF SUBSIDIARIES



|                              |  |                      |  |                              |  |                                  
|----------------------------- |  | -------------------- |  | ---------------------------- |  | ---------------------------------
|100% OWNED SUBSIDIARIES       |  | Site ofIncorporation |  | Date ofAcquisition/Formation |  | CurrentPrincipal BusinessActivity
|Westview East Hospitality LLC |  | Delaware             |  | 2007                         |  | Predevelopment/Hot.              
|                              |  |                      | 
|Westview West Hospitality LLC |  | Delaware             |  | 2007                         |  | Predevelopment/Hot.              
|                              |  |                      | 
|900 Circle 75 LLC (e)         |  | Delaware             |  | 2006                         |  | Office Bldg Owner                
|                              |  |                      | 
|900 Circle 75 Member LLC (f)  |  | Delaware             |  | 2006                         |  | Office Bldg Owner                
|                              |  |                      | 
|900 Corporation               |  | Georgia              |  | 1981                         |  | Office Bldg Owner                
|                              |  |                      | 
|1000 Corporation              |  | Georgia              |  | 2000                         |  | Office Bldg Owner                
|                              |  |                      | 
|1000 Sully Road LLC (g)       |  | Delaware             |  | 2006                         |  | Hotel Owner                      
|                              |  |                      | 
|1000 Sully Road Member LLC    |  | Delaware             |  | 2006                         |  | Hotel Owner                      
|                              |  |                      | 
|1100 Corporation              |  | Georgia              |  | 1979                         |  | Office Bldg Owner                
|                              |  |                      | 
|1960 Chain Bridge Road LLC    |  | Delaware             |  | 2006                         |  | Hotel Owner                      
|                              |  |                      | 
|8001 Wisconsin LLC            |  | Delaware             |  | 2005                         |  | Office Bldg Owner                
|                              |  |                      | 
|8201 Greensboro LLC (h)       |  | Delaware             |  | 2005                         |  | Inactive                         
|                              |  |                      | 
|8201 Greensboro Member LLC    |  | Delaware             |  | 2005                         |  | Inactive                         



|(a) | Subsidiary of Dulles South Hospitality Member LLC
|--- | -------------------------------------------------



|(b) | Subsidiary of Hay Adams Member LLC
|--- | ----------------------------------



|(c) | Subsidiary of Loudoun Tech One Member LLC
|--- | -----------------------------------------



|(d) | Subsidiary of Montgomery Village Hospitality Member LLC
|--- | -------------------------------------------------------



|(e) | Subsidiary of 900 Circle 75 Member LLC
|--- | --------------------------------------



|(f) | Subsidiary of 900 Corporation
|--- | -----------------------------



|(g) | Subsidiary of 1000 Sully Road Member LLC
|--- | ----------------------------------------



|(h) | Subsidiary of 8201 Greensboro Member LLC
|--- | ----------------------------------------



2



---

Exhibit 21

(continued)

SUBSIDIARIES



|                                                      |  |      |  |                          |  |                              |  |                                    
|----------------------------------------------------- |  | ---- |  | ------------------------ |  | ---------------------------- |  | -----------------------------------
|NAME                                                  |  | NOTE |  | JURISDICITONOF FORMATION |  | DATE OFACQUISITION/FORMATION |  | CURRENT PRINCIPAL BUSINESSACTIVITY 
|ASB Capital Management LLC                            |  | (A)  |  | Maryland                 |  | 2005                         |  | Investment Advisor                 
|                                                      |  |      |  |                         
|Ashburn Village Development Corporation               |  | (C)  |  | Maryland                 |  | 1991                         |  | Real Estate Owned (REO)            
|                                                      |  |      |  |                         
|Bondy Way Development Corporation                     |  | (C)  |  | Maryland                 |  | 1990                         |  | Real Estate Ownership / Development
|                                                      |  |      |  |                         
|Brambleton Land Corporation (sold property 3/99)      |  | (C)  |  | Maryland                 |  | 1977                         |  | Inactive                           
|                                                      |  |      |  |                         
|Brooke Manor Land Corporation (sold property 8/96)    |  | (C)  |  | Maryland                 |  | 1990                         |  | Inactive                           
|                                                      |  |      |  |                         
|B. F. Saul Mortgage Company                           |  | (B)  |  | Maryland                 |  | 1984                         |  | Residential Loan Origination       
|                                                      |  |      |  |                         
|CBUSA Investment, LLC                                 |  | (B)  |  | Virginia                 |  | 2008                         |  | Construction Permanent Lending     
|                                                      |  |      |  |                         
|CBUSA Mortgage, LLC                                   |  | (H)  |  | Delaware                 |  | 2008                         |  | Construction Permanent Lending     
|                                                      |  |      |  |                         
|CBUSA Mortgage  National Capital, LLC                |  | (I)  |  | Delaware                 |  | 2008                         |  | Construction Permanent Lending     
|                                                      |  |      |  |                         
|CCRE, Inc.                                            |  | (D)  |  | Maryland                 |  | 1984                         |  | Inactive                           
|                                                      |  |      |  |                         
|Chevy Chase Asset Management (Virginia)
LLC           |  | (B)  |  | Virginia                 |  | 2005                         |  | Holding Company                    
|                                                      |  |      |  |                         
|Chevy Chase Bank New Market Fund, LLC                 |  | (B)  |  | Delaware                 |  | 2008                         |  | Inactive                           
|                                                      |  |      |  |                         
|Chevy Chase Financial Services
Corporation            |  | (B)  |  | Virginia                 |  | 1996                         |  | Holding Company                    
|                                                      |  |      |  |                         
|Chevy Chase Funding LLC                               |  | (B)  |  | Delaware                 |  | 2003                         |  | Special Purpose Entity             
|                                                      |  |      |  |                         
|Chevy Chase Insurance Agency, Inc.                    |  | (E)  |  | Maryland                 |  | 1971                         |  | Insurance Agency                   
|                                                      |  |      |  |                         
|Chevy Chase Mortgage Company                          |  | (F)  |  | Maryland                 |  | 1972                         |  | Inactive                           
|                                                      |  |      |  |                         
|Chevy Chase Mortgage Company of Virginia              |  | (B)  |  | Virginia                 |  | 1996                         |  | Inactive                           
|                                                      |  |      |  |                         
|Chevy Chase Preferred Capital Corporation             |  | (B)  |  | Maryland                 |  | 1996                         |  | Real Estate Investment Trust       
|                                                      |  |      |  |                         
|Chevy Chase Real Estate LLC                           |  | (B)  |  | Virginia                 |  | 2001                         |  | Holding Company                    
|                                                      |  |      |  |                         
|Chevy Chase Securities, Inc.                          |  | (E)  |  | Maryland                 |  | 1984                         |  | Securities                         
|                                                      |  |      |  |                         
|Chevy Chase Trust Company                             |  | (B)  |  | Maryland                 |  | 1997                         |  | Fiduciary Services                 
|                                                      |  |      |  |                         
|CFC-Consumer Finance Corporation                      |  | (B)  |  | Virginia                 |  | 1994                         |  | Consumer Loan Origination          
|                                                      |  |      |  |                         
|Great Seneca Development Corporation                  |  | (C)  |  | Maryland                 |  | 1991                         |  | REO                                
|                                                      |  |      |  |                         
|Manor Holding (Virginia) LLC                          |  | (B)  |  | Virginia                 |  | 2005                         |  | Holding Company                    
|                                                      |  |      |  |                         
|Manor Investment LLC                                  |  | (G)  |  | Maryland                 |  | 2005                         |  | Real Estate Ownership/ Development 
|                                                      |  |      |  |                         
|North Ode Street Development Corporation              |  | (D)  |  | Maryland                 |  | 1981                         |  | Real Estate Finance/ Development   
|                                                      |  |      |  |                         
|Old Chapel Corporation                                |  | (C)  |  | Maryland                 |  | 1992                         |  | REO                                
|                                                      |  |      |  |                         
|Primrose Development Corporation (sold property 8/02) |  | (C)  |  | Maryland                 |  | 1990                         |  | Inactive                           
|                                                      |  |      |  |                         
|Ronam Corporation Inc. (sold property 12/00)          |  | (C)  |  | Maryland                 |  | 1986                         |  | Inactive                           





|    |  |                                                          
|--- |  | ---------------------------------------------------------
|(A) |  | Subsidiary of Chevy Chase Asset Management (Virginia) LLC
|    | 
|(B) |  | Subsidiary of Chevy Chase Bank, F.S.B.                   
|    | 
|(C) |  | Subsidiary of Chevy Chase Real Estate LLC                
|    | 
|(D) |  | Subsidiary of Manor Investment LLC                       
|    | 
|(E) |  | Subsidiary of Chevy Chase Financial Services Corporation 
|    | 
|(F) |  | Subsidiary of Chevy Chase Mortgage Company of Virginia   
|    | 
|(G) |  | Subsidiary of Manor Holding (Virginia) LLC               
|    | 
|(H) |  | Subsidiary of CBUSA Investment LLC                       
|    | 
|(I) |  | Subsidiary of CBUSA Mortgage LLC                         



3