Blue Owl Real Estate Exchange I (OREX I) — industrial
Industrial — sponsored by Blue Owl
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These links support the historical public record; individual details may come from different sources.
- U.S. Securities and Exchange Commission — Form D/A ↗
- The American Reporter ↗
- U.S. Securities and Exchange Commission — Form D/A ↗
- U.S. Securities and Exchange Commission — Form D/A ↗
- U.S. Securities and Exchange Commission — Form D/A ↗
- Blue Owl Private Wealth ↗
- The American Reporter ↗
- top1031.com ↗
- theamericanreporter.c… ↗
What is this, in one paragraph?
Blue Owl Real Estate Exchange I DST — OREX I — is a Delaware statutory trust (a passive co-ownership vehicle whose interests can be used in a 1031 exchange) organized in 2023 as the first industrial offering in Blue Owl's OREX 1031 series.2 Its Form D reports a $92,717,391 offering but identifies no specific building, city, or state.1
Sponsor-reported, from SEC filings and cited sources.
On a 45-day clock? Find day 45 and day 180 from the sale date, then come back to this record.
What exactly is the property?
The Form D classifies the business only as "Other Real Estate" and names no building, city, or state.1 Trade coverage places OREX I as the first industrial DST in Blue Owl's OREX series, launched in 2023.2 Blue Owl's 1031 platform describes itself as buying net-leased industrial, logistics, and data center assets, but nothing in the exact-issuer record ties a named property to this Trust.6
- Property size
- Undisclosed individual property portfolio; OREX I program aggregate ~$92.7M (2023)
Who is the tenant, and what's the lease?
No tenant, lease structure, term, expiration, or occupancy figure appears in this Trust's filings.3 The OREX program describes itself as investing in net-leased property — leases where the tenant generally carries taxes, insurance, and maintenance — but for OREX I the specific lease is not in the public record.6
How did it end?
Still operating
OREX I DST is Blue Owl's first 1031-eligible industrial DST program structured to feed assets into ORENT (later ORENT/OREX series). Launched in 2023. SEC Form D filing window ran December 22, 2023 to February 14, 2025. No specific property address publicly disclosed in available sources.
Undisclosed individual property portfolio; OREX I program aggregate ~$92.7M (2023)How is it financed, and what does it pay?
The filings disclose no mortgage, lender, or loan terms, and debt was not among the security types offered, so whether this Trust carries leverage is not established by the public record.5 Financing detail, if any, would sit in the private placement memorandum (PPM), the offering document given to prospective investors.
Who's behind it?
Blue Owl Real Estate Exchange LLC sponsors the Trust, with Blue Owl Real Estate Exchange DST Manager LLC as manager and signatory trustee and Blue Owl Real Estate Exchange Depositor LLC as depositor.4 The platform sits inside Blue Owl Capital, whose real estate arm focuses on net-leased industrial and data center property.6 Trade coverage published April 15, 2026 reported Blue Owl had risen to No. 3 in the 1031 DST market.7
- Sponsor
- Blue Owl
- May convert to a REIT
- No
- Offerings from this sponsor
- 5 active / 6 total offerings from Blue Owl
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
The original Form D — the short notice an issuer files with the SEC for a private offering — was followed by a run of amendments, each restating the running sales tally as the raise progressed. Interests were offered privately to accredited investors, without general advertising, so the substantive terms live in the PPM.
- First Form D filedThe public offering record begins.
- Offering amount recordedA Form D amendment recorded offering and sales totals.
- Filing record updatedA later amendment updated the sponsor’s filing record.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Legal Trust name
- Blue Owl Real Estate Exchange I DST
- Filings on record
- 13
- How it may be offered
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
- Source filing
- Read the filings on SEC EDGAR
A Form D is the notice a sponsor files when it starts raising money. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
DST interests are illiquid private securities. You may lose some or all of your investment. Distributions, tax treatment, and exit timing are not guaranteed. Review the current Private Placement Memorandum before investing.
Common questions
What happened to Blue Owl Real Estate Exchange I (OREX I) — industrial?
Blue Owl Real Estate Exchange I (OREX I) — industrial is a Historical offering: its latest SEC filing is outside the Active window. The outcome and source documents are shown separately.
Where does Top1031 get the data for Blue Owl Real Estate Exchange I (OREX I) — industrial?
Top1031 builds this record from the sponsor’s own SEC filings and cited sponsor disclosures. Filings can lag what is happening now. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
What property does OREX I actually own?
The public record does not say. The Form D and its amendments classify the business as "Other Real Estate" and identify no property, address, city, or state, and no acquisition price or date appears in the reviewed exact-issuer materials.[1] Top1031 lists the Trust as industrial, and trade coverage calls it the first industrial DST in Blue Owl's OREX series.[2] Property-level detail would be in the PPM.
Is the offering still open?
The most recent Form D amendment on record was filed February 14, 2025, and no later filing appears in the reviewed SEC submissions history.[1] Top1031's record still carries the Trust in raising status, but nothing in the exact-issuer public record establishes its availability after February 14, 2025. Current status would have to be confirmed with the sponsor or a broker-dealer that carries the program.
What is the minimum investment?
The Form D reports a $250,000 minimum for outside investors, subject to the issuer's stated discretion to accept a smaller amount. That is the filed minimum only; the PPM governs subscription mechanics, and a 1031 exchanger's own equity and debt replacement needs determine what size position actually works.
Who is the tenant, and is it a triple-net lease?
Neither is disclosed for this Trust. The reviewed filings state no tenant or operator, no lease structure or term, no rent escalator, and no occupancy figure.[3] Blue Owl's OREX program describes its focus as net-leased real estate — where the tenant typically pays taxes, insurance, and maintenance — but that is a program-level description, not a disclosed OREX I lease.[6]
Does OREX I have a 721/UPREIT exit?
The record shows none. A 721 or UPREIT exit is when DST interests are exchanged for operating-partnership units in a REIT rather than sold for cash; Top1031's record for this Trust shows no REIT conversion contemplated, and the filings describe no such mechanism. Any exit path would be described in the PPM.
What does the DST structure mean for a 1031 exchanger?
A Delaware statutory trust holds title to real estate, and the IRS treats a beneficial interest in a qualifying DST as replacement property for a 1031 exchange. Investors are entirely passive: the trustee makes all decisions, no capital calls or management votes exist, and interests are illiquid with no public market. Accredited-investor status — meeting SEC income or net-worth tests — is required to subscribe.