# Blue Owl Real Estate Capital LLC

Blue Owl Real Estate Capital LLC is an Asset Manager based in Chicago, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Chicago, United States
- **Region:** North America
- **Address:** New York, NY, United States
- **Founded:** 2021
- **Assets under management:** $25B - $50B (Altss estimate)
- **Website:** blueowl.com

## Regulatory record

- **CRD number:** 165132
- **SEC file number:** 801-77141
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/165132

## About

BLUE OWL REAL ESTATE CAPITAL LLC is an SEC-registered investment adviser in CHICAGO, IL, registered since 2012. The firm manages $67.9 billion in assets, with $64.3 billion on a discretionary basis. It has 130 employees and 130 investment advisers.

## Sectors

- Real Estate
- Private Credit
- Infrastructure
- Net Lease

## People

- Doug Ostrover — Co-CEO
- Marc Lipschultz — Co-CEO
- Michael Adams — Head of Real Estate

## Questions

### Does Blue Owl Real Estate Capital operate more like a value-add or core real estate fund?

It operates primarily in the core-plus and net-lease space, targeting long-term, predictable cash flows from investment-grade tenants. Its strategy is closer to a credit-oriented REIT than a value-add opportunity fund. The firm avoids development and speculative construction, focusing on sale-leasebacks and structured credit tied to necessity-based real estate (per Blue Owl, 2024).

### What investment stages does Blue Owl Real Estate Capital typically target?

The firm targets stabilized, income-producing properties. It does not engage in development or ground-up construction. Stage focus is on acquisition of existing assets with in-place leases, sale-leaseback transactions, and real estate credit (senior debt, mezzanine, preferred equity). Typical hold periods are 10-15 years, income-oriented rather than capital-appreciation-driven (per Blue Owl, 2024).

### Is Blue Owl Real Estate Capital a separate vehicle from Blue Owl's public REITs?

Yes, but the platforms are related. Blue Owl Real Estate Capital manages institutional separate accounts and commingled funds. Separately, Blue Owl sponsors three publicly traded REITs (Blue Owl Capital Corporation, Blue Owl Capital Corporation II, Blue Owl Capital Corporation III) which are externally managed. The institutional real estate platform and the public REITs share investment teams and sourcing infrastructure but have distinct investor bases (per SEC filings, 2024).

### Which sectors does Blue Owl Real Estate Capital explicitly avoid?

The firm explicitly avoids office (traditional CBD office), retail (malls, strip centers), hospitality, and multifamily rental housing. It focuses on industrial, medical office, government-leased, and data center real estate—asset classes where tenants have strong credit and long lease terms (per Blue Owl, 2024).

## Related profiles

- [Murphy & Sylvest](https://altss.com/profile/murphy-and-sylvest)
- [KKM Financial](https://altss.com/profile/kkm-financial-llc)

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Last updated: 2026-06-03T20:00:00.000Z

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