B. F. Saul Company is a large, private real estate firm based in

Bethesda, Maryland Bethesda () is an unincorporated, census-designated place in southern Montgomery County, Maryland, United States. Located just northwest of Washington, D.C., it is a major business and government center of the Washington metropolitan region ...

. The company owns and manages several properties in the

Washington metropolitan area The Washington metropolitan area, also referred to as the National Capital Region, Greater Washington, or locally as the DMV (short for Washington, D.C., District of Columbia, Maryland, and Virginia), is the metropolitan area comprising Washing ...

and one property in

Fort Lauderdale, Florida Fort Lauderdale ( ) is a coastal city located in the U.S. state of Florida, north of Miami along the Atlantic Ocean. It is the county seat of and most populous city in Broward County, Florida, Broward County with a population of 182,760 at the ...

including 20 hotels. Notable properties include the Hay-Adams Hotel and the Kennedy-Warren Apartment Building. The company is an affiliate of Saul Centers, Inc., a

public company A public company is a company whose ownership is organized via shares of share capital, stock which are intended to be freely traded on a stock exchange or in over-the-counter (finance), over-the-counter markets. A public (publicly traded) co ...

and

real estate investment trust A real estate investment trust (REIT, pronounced "reet") is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of real estate, including office and apartment buildings, studios, warehouses, hos ...

that is a component of the

S&P 600 The S&P SmallCap 600 Index (S&P 600) is a stock market index established by S&P Global Ratings. It covers roughly the small-cap range of American stocks, using a capitalization-weighted index. To be included in the index, a stock must have a to ...

index.

History

Founding

On December 1, 1892, at the age of 19, Bernard Francis Saul founded Saul Company in

Washington, D.C. Washington, D.C., formally the District of Columbia and commonly known as Washington or D.C., is the capital city and federal district of the United States. The city is on the Potomac River, across from Virginia, and shares land borders with ...

Saul Company became a successful mortgage bank and developer. Within 8 years of starting the firm, B. Francis Saul founded the Home Savings Bank and soon after merged it with the American Security and Trust Company. Saul Company became B. F. Saul Company. Saul's grandson, Bernard Saul II, is currently CEO and chairman of the firm. His great-grandson B.F. Saul III resigned as president of the firm in 2012 to found his own company, Saul Urban. In 1969, Bernard Saul II founded

Chevy Chase Bank Chevy Chase Bank, F.S.B. was the largest locally based banking company in the Washington Metropolitan Area. It was acquired by Capital One in February 2009, and rebranded as Capital One Bank in September 2010. Despite its name, Chevy Chase Ban ...

. That same year, the B.F. Saul Real Estate Investment Trust became a

via an

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investm ...

. In 1931, the company acquired the Kennedy-Warren Apartment Building after its prior owners went

bankrupt Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the de ...

during the

Great Depression The Great Depression was a severe global economic downturn from 1929 to 1939. The period was characterized by high rates of unemployment and poverty, drastic reductions in industrial production and international trade, and widespread bank and ...

. In 1976, the hotel division was founded. In 1983, it was reported that the company serviced a $2 billion in mortgages and originated another $500 million in mortgages annually. In 1988, the company took B.F. Saul Real Estate Investment Trust private. In 1993, Saul Centers, Inc. was formed to hold much of the company's real estate assets and became a public company via an initial public offering. In 1997, B.F. Saul Real Estate Trust announced plans for additional developments in Atlanta. In 2004, the company completed a $70 million expansion of the Kennedy-Warren Apartment Building. In December 2006, the company began construction of Park Place II, an 11-story, 312,897 square foot office building in

Tysons, Virginia Tysons, also known as Tysons Corner, is a census-designated place (CDP) in Fairfax County, Virginia, United States, spanning from the corner of Virginia State Route 123, SR 123 (Chain Bridge Road) and Virginia State Route 7, SR 7 (Leesburg Pike ...

. In March 2009,

Hilton Worldwide Hilton Worldwide Holdings Inc. is an American multinational hospitality company that manages and franchises a broad portfolio of hotels, resorts, and timeshare properties. Founded by Conrad Hilton in May 1919, the company is now led by Chris ...

leased one-third of the building. In 2017, Hilton began seeking alternative locations. In 2009, the Saul family sold

Capital One Capital One Financial Corporation is an American bank holding company founded on July 21, 1994, and specializing in credit cards, auto loans, banking, and savings accounts, headquartered in Tysons, Virginia, with operations primarily in the ...

for $520 million in cash and stock. In 2012, the company completed a $50 million renovation of the Kennedy-Warren Apartment Building. In July 2012, the company pulled out of a partnership with

Montgomery County, Maryland Montgomery County is the most populous County (United States), county in the U.S. state of Maryland. As of the 2020 United States census, the county's population was 1,062,061, increasing by 9.3% from 2010. The county seat is Rockville, Maryland ...

to develop a property near Wheaton station. In September 2012, B. Francis Saul III resigned from Saul Centers, Inc. In October 2013, the company sold its remaining holdings in

Atlanta, Georgia Atlanta ( ) is the List of capitals in the United States, capital and List of municipalities in Georgia (U.S. state), most populous city in the U.S. state of Georgia (U.S. state), Georgia. It is the county seat, seat of Fulton County, Georg ...

for $45 million. In February 2014, Saul Centers, Inc., the real estate investment trust affiliated with the company, acquired a property near Twinbrook in

Rockville, Maryland Rockville is a city in and the county seat of Montgomery County, Maryland, United States, and is part of the Washington metropolitan area. The 2020 United States census, 2020 census tabulated Rockville's population at 67,117, making it the fourth ...

for $62.5 million. In April 2017, Saul Centers, Inc., announced plans to develop 10 buildings on the site. In November 2015, Saul Centers, Inc., the real estate trust affiliated with the company, proposed constructing a 483-unit apartment building with 68,000 square feet of retail in

Ballston, Virginia Ballston is a neighborhood in Arlington County, Virginia. Ballston is located at the western end of the Rosslyn, Virginia, Rosslyn-Ballston corridor. It is a major transportation hub and has one of the nation's highest concentrations of scientifi ...

. In May 2017,

Target Corporation Target Corporation is an American retail corporation that operates a chain of discount department stores and hypermarkets, headquartered in Minneapolis, Minnesota. It is the seventh-largest retailer in the United States, and a component of th ...

signed a lease at the property. In August 2017, Saul Centers secured a $157 million loan for the development. In 2016, the company broke ground on a 10-story

Homewood Suites by Hilton Homewood Suites by Hilton is an American chain of all-suite Extended stay hotel, residential-style hotels owned by Hilton Worldwide. , the chain consists of 505 hotels in 4 countries and territories with 57,545 rooms. 490 Homewood Suites hotels ar ...

hotel in

Rosslyn, Virginia Rosslyn ( ) is a heavily urbanized unincorporated area in northeastern Arlington County, Virginia, United States. It is in Northern Virginia, north of Arlington National Cemetery and directly across the Potomac River from Georgetown and Foggy B ...

. In 2021, the firm became the operator of the Capital One Watermark Hotel in

References

{{Authority control Companies based in Bethesda, Maryland American companies established in 1892 Privately held companies based in Maryland Real estate companies of the United States Real estate companies established in 1892 1892 establishments in Maryland Saul family