Looking at the console log we found that Quicklook was crashing and re-spawning several times a second:
Expanding the line item we saw that Quicklook was unable to set its current working directory:
It turns out that a symlink to /private/tmp was missing. We navigated to the root directory and recreated it using the following command:
sudo ln -fs /private/tmp /tmp
After a restart we saw that Quickview crashes had stopped and we were able to open both Preview and Adobe CC applications.