<SEC-DOCUMENT>0001993123-23-000001.txt : 20231222
<SEC-HEADER>0001993123-23-000001.hdr.sgml : 20231222
<ACCEPTANCE-DATETIME>20231222132946
ACCESSION NUMBER:		0001993123-23-000001
CONFORMED SUBMISSION TYPE:	D
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		<ITEMS>06b
FILED AS OF DATE:		20231222
DATE AS OF CHANGE:		20231222
EFFECTIVENESS DATE:		20231222

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Blue Owl Real Estate Exchange I DST
		CENTRAL INDEX KEY:			0001993123
		ORGANIZATION NAME:           	
		IRS NUMBER:				936458176
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-500622
		FILM NUMBER:		231508795

	BUSINESS ADDRESS:	
		STREET 1:		30 N. LASALLE STREET
		STREET 2:		SUITE 4140
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60602
		BUSINESS PHONE:		(312) 741-1819

	MAIL ADDRESS:	
		STREET 1:		30 N. LASALLE STREET
		STREET 2:		SUITE 4140
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60602
</SEC-HEADER>
<DOCUMENT>
<TYPE>D
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0708</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001993123</cik>
        <entityName>Blue Owl Real Estate Exchange I DST</entityName>
        <issuerAddress>
            <street1>30 N. LASALLE STREET</street1>
            <street2>SUITE 4140</street2>
            <city>CHICAGO</city>
            <stateOrCountry>IL</stateOrCountry>
            <stateOrCountryDescription>ILLINOIS</stateOrCountryDescription>
            <zipCode>60602</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>(312) 741-1819</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Other</entityType>
        <entityTypeOtherDesc>Delaware Statutory Trust</entityTypeOtherDesc>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2023</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <lastName>Blue Owl Real Estate Exchange LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>30 N. LaSalle Street</street1>
                <street2>Suite 4140</street2>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <stateOrCountryDescription>ILLINOIS</stateOrCountryDescription>
                <zipCode>60602</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Sponsor of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <lastName>Blue Owl Real Estate Exchange DST Manager LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>30 N. LaSalle Street</street1>
                <street2>Suite 4140</street2>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <stateOrCountryDescription>ILLINOIS</stateOrCountryDescription>
                <zipCode>60602</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Manager and Signatory Trustee of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <lastName>Blue Owl Real Estate Exchange Depositor LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>30 N. LaSalle Street</street1>
                <street2>Suite 4140</street2>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <stateOrCountryDescription>ILLINOIS</stateOrCountryDescription>
                <zipCode>60602</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Depositor of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Neena</firstName>
                <lastName>Reddy</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>30 N. LaSalle Street</street1>
                <street2>Suite 4140</street2>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <stateOrCountryDescription>ILLINOIS</stateOrCountryDescription>
                <zipCode>60602</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Chief Legal Officer/General Counsel of the Member of the Manager of the Issuer</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Other Real Estate</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>Decline to Disclose</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06b</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2023-12-14</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>250000</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>92717391</totalOfferingAmount>
            <totalAmountSold>13795651</totalAmountSold>
            <totalRemaining>78921740</totalRemaining>
            <clarificationOfResponse>Regarding Item 11, the Issuer may accept smaller investments in the Sponsor's sole discretion.</clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>2</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>6490217</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </findersFees>
            <clarificationOfResponse>Sales Commissions include estimates of the maximum amount of the Upfront Sales Load that may be paid for the entire offering.</clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>927174</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
            <clarificationOfResponse>Item 16 is an estimate of offering and organizational expenses, and other closing costs, that may accrue to one or more Related Persons.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Blue Owl Real Estate Exchange I DST</issuerName>
                <signatureName>/s/ Neena Reddy</signatureName>
                <nameOfSigner>Neena Reddy</nameOfSigner>
                <signatureTitle>Chief Legal Officer/GC of Member of Manager of Issuer</signatureTitle>
                <signatureDate>2023-12-22</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>