B.F. Saul III, the president of real estate firm Saul Centers, the company behind shopping centers in White Oak and Briggs Chaney in Silver Spring, has resigned from the Bethesda-based company, The Washington Post’s Capital Business blog reports.
Saul, 50, plans to launch his own real estate firm in Bethesda, according to Capital Business.
“I have been thinking about this over the years,” Saul, who has been with the company for 23 years, told Capital Business. “I am going to acquire and develop commercial properties.”
The Sauls are a well-known name in the Washington area real estate industry, and members of the family have headed up companies including commercial real estate firm B.F. Saul and Chevy Chase Trust. Saul’s father, B. Francis Saul II, is chairman and chief executive of Saul Centers, Capital Business reports.
Saul Centers owns properties that include the Briggs Chaney Marketplace shopping center and the White Oak Shopping Center in Silver Spring.The company also manages the Metro Pike Shopping Center in Rockville and the Kentlands Square Shopping Center in Gaithersburg, according to the company’s website.
Company senior vice president and general counsel Thomas H. McCormick has been named president and chief operating officer, according to the report.