Largely unquenched Re 5d orbital magnetic moments in half-metallic Ba2FeReO6 drive a symmetry lowering transition from a cubic paramagnet to a compressed tetragonal (c/a < 1) ferrimagnet below Tc ~ 305 K, with a giant linear magnetoelastic constant and the spins lying spontaneously along the unique tetragonal axis. The large orbital magnetization and degree of structural deformation indicate proximity to a metal-insulator transition. These results point to an incipient orbitally ordered state in the metallic ferrimagnetic phase.