Exhibit 21

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



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



---

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
|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                        
|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
|--- | ----------------------------------------



---

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 Loan Origination      
|                                                       |  |      |  |                         
|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 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         
|                                                       |  |      |  |                         
|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
|--- | ------------------------------------------