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                         
|Circle 75 Towns LLC                       |  | Georgia              |  | 2005                         |  | 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 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                      
|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                      
|I-95 Yamato Condominium Association, Inc  |  | Florida              |  | 1998                         |  | Condominium                      
|LT One Corp.                              |  | Virginia             |  | 1999                         |  | Office Bldg Owner                
|LT Two LLC                                |  | Virginia             |  | 2001                         |  | Inactive                         
|MHC Airport Inn, Inc. (c)                 |  | New York             |  | 1980/1976                    |  | Hotel Operator                   
|MHC Corporation                           |  | Maryland             |  | 1980/1974                    |  | Hotel Operator                   
|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                      
|Sweitzer Lane LLC                         |  | Maryland             |  | 2000                         |  | Office Bldg Owner                
|Towns of Cresent Park, LLC                |  | Georgia              |  | 2005                         |  | Development                      
|Towns of Cresent Woods, LLC               |  | Georgia              |  | 2006                         |  | Development                      
|Tysons Park, Inc.                         |  | Virginia             |  | 1999                         |  | Office Bldg Owner                
|Tysons Park II, Inc.                      |  | Virginia             |  | 2000                         |  | Inactive                         
|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                      



---

Exhibit 21 (Continued)

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



|                           |  |                       |  |                                |  |                                    
|-------------------------- |  | --------------------- |  | ------------------------------ |  | -----------------------------------
|100% OWNED SUBSIDIARIES    |  | Site of Incorporation |  | Date of Acquisition/ Formation |  | Current Principal Business Activity
|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 MHC Corporation
|--- | -----------------------------



|(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
|--- | ----------------------------------------



---

Exhibit 21 (Continued)

CHEVY CHASE BANK SUBSIDIARIES



|                                                       |  |      |  |                          |  |                              |  |                                   
|------------------------------------------------------ |  | ---- |  | ------------------------ |  | ---------------------------- |  | ----------------------------------
|NAME                                                   |  | NOTE |  | JURISDICITONOF FORMATION |  | DATE OFACQUISITION/FORMATION |  | CURRENT PRINCIPALBUSINESS ACTIVITY
|ASB Capital Management LLC                             |  | (A)  |  | Maryland                 |  | 2005                         |  | Investment Advisor                
|                                                       |  |      |  |                         
|Ashburn Village Development Corporation                |  | (C)  |  | Maryland                 |  | 1991                         |  | Real Estate Owned (REO)           
|                                                       |  |      |  |                         
|Bondy Way Development Corporation (sold property 3/02) |  | (C)  |  | Maryland                 |  | 1990                         |  | Inactive                          
|                                                       |  |      |  |                         
|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 LoanOrigination       
|                                                       |  |      |  |                         
|CCRE, Inc.                                             |  | (D)  |  | Maryland                 |  | 1984                         |  | Inactive                          
|                                                       |  |      |  |                         
|Chevy Chase Asset Management (Virginia) LLC            |  | (B)  |  | Virginia                 |  | 2005                         |  | Holding Company                   
|                                                       |  |      |  |                         
|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 InvestmentTrust      
|                                                      |  |    |   | 
|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 LoanOrigination         
|                                                      |  |    |   | 
|First Balmoral Corporation                            |  | (C | ) |  | Maryland |  | 1991 |  | REO                              
|                                                      |  |    |   | 
|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
|                                                      |  |    |   | 
|NML Corporation (sold property, 3/02)                 |  | (C | ) |  | Maryland |  | 1992 |  | Inactive                         
|                                                      |  |    |   | 
|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