wpostServer: http://css.washingtonpost.com/wpost
Robert H. Smith School of Business
The Motley Fool

Market Foolery Featured Podcasts

  • MarketFoolery 04.17.14
    When a company has legal problems, what does it mean for investors?  What does Yelp’s case before the Virginia State Supreme Court mean for Google and TripAdvisor?  And what does Adam Carolla’s legal battle mean for the future of the MarketFoolery podcast?  We tackle those questions and the exciting world of space law with Assistant General Counsel Chris Harris.
  • MarketFoolery: 04.16.2014
    We analyze the world of digital media, including Pandora, iTunes Radio, Spotify with Audiam CEO Jeff Price.  Plus, Jeff discusses how Netflix, Amazon, and many more are fighting in the “Battle for the Living Room”.
  • MarketFoolery 04.15.14
    We discuss the energy industry landscape, including Big Oil, natural gas, solar stocks and more with analyst Taylor Muckerman.  Plus we look at Chesapeake Energy one year after Aubrey McClendon left the CEO office.    
Capital Business
Posted at 04:53 PM ET, 09/07/2012

B.F. Saul III resigns as president of Saul Centers to start own venture

A descendant of one of the Washington area’s most successful real estate magnates is leaving the company that bears his family’s name.

B.Francis Saul III, who is descended from a man who began buying and selling local real estate in 1892, has resigned as president of Saul Centers, the Bethesda-based firm that owns dozens of local shopping centers, according to a company regulatory filing Tuesday.

In a brief interview, Saul, 50, said he would start his own real estate company after 23 years with Saul Centers. “I have been thinking about this over the years,” he said. “I am going to acquire and develop commercial properties.”

The new company will be based in Bethesda, and Saul said he is getting ready to launch very soon.

“This is the right time to do it,” he said. “The [Saul] companies are in great shape.”

The filing says Saul’s resignation “was not in connection with any disagreement with the Company about any matter.” He has agreed to serve as an independent consultant to the company for up to two years, according to the filing.

“Frank Saul has done an outstanding job of building value for shareholders at Saul Centers,” said longtime business associate Michael Farr, of Farr, Miller & Washington, a D.C-based investment firm. “Any new endeavor will have great prospects.”

Saul’s father, B. Francis Saul II, is chairman and chief executive of Saul Centers. Thomas H. McCormick, 61, who had been senior vice president and general counsel since 2005, was named president and chief operating officer.

Saul Centers owns 51 shopping centers nationally, but the vast majority are in the Washington area, including Seven Corners shopping center in Falls Church, Van Ness Square in the District and Olney Shopping Center. It also owns seven mixed-use properties and two development sites.

The family has founded or managed a number of other real estate-related ventures. Another spawn of the original Saul company, B.F. Saul, is a privately held owner, developer and builder of commercial real estate also based in Bethesda.

Other companies created by members of the family include Chevy Chase Trust, of which B. Francis Saul II is chairman, and B.F. Saul Insurance.

Follow Jonathan O’Connell on Twitter: @oconnellpostbiz

By and  |  04:53 PM ET, 09/07/2012

Tags:  B.F. Saul III, Saul Centers, B.F. Saul, commercial real estate

Read what others are saying

    © 2011 The Washington Post Company