B. F. Saul Company is a large private real estate company based in Bethesda, Maryland. The Company owns and manages several properties in the Washington metropolitan area and one property in Fort Lauderdale, Florida including 20 hotels. Notable properties include Hay-Adams Hotel and Kennedy-Warren Apartment Building.
The company is an affiliate of Saul Centers, Inc., a public company and a real estate investment trust that is a component of the S & amp; P 600.
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History
On December 1, 1892, at the age of 19, Bernard Francis Saul founded the Saul Company in Washington, D.C. Saul Company became a successful mortgage bank and developer. In the 8 years of starting the company, B. Francis Saul founded Home Savings Bank and soon after joining the American Security and Trust Company. Saul's company became B. F. Saul Company.
In 1969, Bernard Saul II founded Chevy Chase Bank. In the same year, the B.F Real Estate Investment Foundation Saul became a public company through an initial public offering.
In 1931, the company acquired Kennedy-Warren Apartment Building after its previous owners went bankrupt during the Great Depression.
In 1976, the hotel division was established.
In 1983, it was reported that the company paid $ 2 billion in mortgage and earned $ 500 million in mortgages each year.
In 1988, the company took the B.F. Saul Private Real Estate Investment Trust.
In 1993, Saul Centers, Inc. formed to hold most of the company's real estate assets and become a public company through an initial public offering.
In 1997, B.F. Saul Real Estate Trust announces plans for additional development in Atlanta.
In 2004, the company completed a $ 70 million expansion from the Kennedy-Warren Apartment Building.
In December 2006, the company began building an 11-storey office building, 312,897 square feet in Tysons, Virginia. In March 2009, Hilton Worldwide leased 118,000 square feet in the building. By 2017, Hilton starts looking for alternative locations.
In 2009, Saul's family sold Chevy Chase Bank to Capital One for $ 520 million in cash and stock.
In 2012, the company completed the $ 50 million Kennedy-Warren Apartment Building renovation.
In July 2012, the company withdrew from a partnership with Montgomery County, Maryland to develop properties near Wheaton Station.
In September 2012, B. Francis Saul III resigned from Saul Centers, Inc.
In October 2013, the company sold the remaining stake in Atlanta, Georgia for $ 45 million.
In February 2014, Saul Centers, Inc., a real estate investment trust affiliated with the company, acquired a property near Twinbrook in Rockville, Maryland for $ 62.5 million. In April 2017, Saul Centers, Inc., announced plans to develop 10 buildings on this site.
In November 2015, Saul Center, Inc., a real estate-affiliated firm belief, proposed building a 483-unit apartment building with a 68,000 square-foot retail in Ballston, Arlington, Virginia. In May 2017, the Target Company entered into a lease on the property. In August 2017, Saul Center obtained a $ 157 million loan for development.
In 2016, the company made a breakthrough at a Homewood Suites hotel by a 10-storey Hilton in Rosslyn, Virginia.
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References
Source of the article : Wikipedia
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