Recent developments in commercial real estate in the Washington area:

* W. Bell & Co. recently leased a 245,000-square-foot building on Route 1 in Savage, Md. The one-story distribution facility was previously occupied by Montgomery Ward & Co.

* A 153,331-square-foot parcel at Leesburg Pike and Spring Hill Road in Tysons Corner has been purchased by the Leesburg Limited Partnership for the proposed construction of a 120,000-square-foot office building. Abacus Mortgage Investment Co., an affiliate of the Chicago-based Abacus Group, loaned $1.2 million to the purchasers for acquisition of the property.

* Precision Data, Inc., a manufacturer of tape recorders, has leased 2,200 square feet at 3700 Williams Drive in Fairfax.

* Independent Insurance Agents of America, a New York-based trade association, has leased 3,832 square feet at 600 Pensylvania Ave. NW.

* Allstate Leasing Inc. recently held groundbreaking ceremonies for its new automobile leasing facility near Route 270 in Gaithersburg. The 4,500-square-foot building, which will house offices, a leasing showroom and service area, is expected to be completed in mid-August. Allstate presently operates leasing centers in Rockville, Baltimore and Atlanta.

* Greenhorne & O'Mara Inc., an engineering and architectural firm, has announced that it will build a 80,000-square-foot headquarters building on Kenilworth Avenue in Greenbelt. Completion is scheduled for May, 1983. The firm will occupy about 75 percent of the space there.

* Time-Out Family Amusement Centers Inc. has leased 22,000 square feet of space at 3955 Pender Dr. in Fairfax.

* The National Glass Dealers Association has leased 3,500 square feet at 8200 Greensboro Dr. in McLean. The group's former offices were located on Connecticut Avenue NW.

* Federal Realty Investment Trust has acquired a 75-year leasehold interest in the 270,000-square-foot shopping center located at the intersection of Rockville Pike and Old Georgetown Road in Montgomery County. The center formerly housed a local Korvettes outlet. The acquisition is valued at over $10 million. The property will soon be renovated at an expected cost of $4 million.

* Teknekron Research Inc., a management consulting firm based in Berkeley, Calif., has relocated its offices to the Air Rights Building in Bethesda, where it will occupy 4,500 square feet of space. The group had been located at 1483 Chain Bridge Rd. in McLean.

* University Research Corp., a company specializing in government contracts in health-related fields, has sublet its office space at 4340 East-West Hwy. in Bethesda to Mid-City Financial Corp.

* Milo Hoots Associates, an interior design firm, has sublet about 1,000 square feet of space in the Foundry on Thomas Jefferson Street NW from the National School Boards Association.