Institutional Real Estate Investment
Operating Partner for Institutional Capital
Investing in high-value transformations within office, biotech, and mixed-use properties across high-growth West Coast markets.
About the Firm
Value Creation Through Operational Excellence
Probis Strategic Capital serves as an operating partner for institutional capital to invest in West Coast commercial real estate projects, seeking value-add and opportunistic returns. Our leadership team brings over 70 years of combined experience managing approximately $50 billion* in transactions across hundreds of properties.
*2024 Dollars
As investors, we originate institutional real estate investment vehicles targeting high-value transformations within office, biotech, and mixed-use properties. Our focus is on high-growth West Coast markets that attract intellectual and creative talent — San Francisco, Silicon Valley, Los Angeles, and the Puget Sound region.
As strategic advisors, our initiatives include advisory on large headquarter-type developments for major global technology companies, and providing institutional investors with independent advisory on strategy for their existing portfolio assets.
Investment Focus
Office, Biotech & Mixed-Use
Value-add and opportunistic returns
Geographic Focus
West Coast Markets
San Francisco, Silicon Valley, Los Angeles, Puget Sound
Strategic Advisory
Global Technology Companies
Adobe, Fortinet, and other confidential clients
Our Approach
Three Pillars of Value Creation
Value Recognition & Acquisition
Deep market knowledge from completing over $50 billion+ in transactions across western U.S. markets, combined with wide-ranging relationships to recognize, source, and acquire assets with superior investment potential.
Value Creation & Maximization
Industry-leading practices in financing, operating, and adding value to real estate assets — from upgrades and density increases to strategic leasing, lease restructuring, and use conversions — honed through managing a 100+ million square foot portfolio.
Value Realization Through Disposition
Proven sell discipline with disposition experience across several hundred separate assets, once value creation has been achieved and the capital markets provide for a favorable exit.
$0B+
In Transactions
in 2024 dollars
0
Years Combined Experience
industry relationships
0M
SF Developed
office & mixed-use
0+
Properties
acquired, managed & disposed
Investment Discipline
Buying Distress, Selling Excess
Investment timing overlaid on Silicon Valley tech employment — a pattern spanning 30+ years across four market cycles.
The Pattern
Across four cycles spanning 30+ years, the consistent discipline has been the same: invest when distress creates a disconnect between asset quality and pricing, exit when consensus optimism erodes the margin of safety.
The current entry point — post-pandemic, post-layoff, post-rate-shock — represents the most favorable basis since the post-dot-com trough.
1990s — Buying
Spieker Properties
1994–1998
Assembled $5B portfolio through IPO era
2000s — Buying
Broadreach Fund I
2003–2006
Post-dot-com distress, 33% gross IRR
2010s — Buying
Kilroy Realty
2011–2016
Post-GFC recovery, 30% IRR
2020s — Buying
Probis Strategic Capital
Present
Post-pandemic, post-rate-shock entry
Investment Performance
Consistent Outperformance Across Cycles
A demonstrated ability to generate superior risk-adjusted returns through multiple market cycles. From Spieker Properties' IPO through the Broadreach funds and Kilroy Realty, our principals have consistently outperformed industry benchmarks and peer indices.
Spieker Properties (NYSE: SPK)
1993 – 2001
IRR
23%
Multiple
3.3x
Top performing U.S. office/industrial REIT. Portfolio grew from $900M to $7.2B. 336 assets, $5B invested, 42M SF. Merged into Equity Office at $7.2B.
Broadreach Capital Partners Fund I
2003 Inception
IRR
33%
Multiple
2.2x
$314M discretionary fund. 24 projects, $860M total investments. Post-dot-com distress strategy. $273.7M contributions, $556.2M distributions. 27.8% net IRR.
Kilroy Realty (NYSE: KRC)
2010 – 2015
IRR
30%
Multiple
2.7x
CIO tenure. Major REIT index outperformance during post-GFC recovery cycle.
Broadreach Capital Partners Fund II
2006 Inception
IRR
≈4%
Multiple
1.5x
$650.5M total contributions. GFC-impacted vintage.
Analytical Rigor
Disciplined Performance Review
Practice Makes Performance
Like a high-performing sports team that systematically reviews game film after every contest, we developed a rigorous practice of reviewing each investment's performance against its original projections — examining what we did right, what we could have done better, and where we fell short. The purpose is singular: to continually improve performance over time and embed deep pattern recognition into our execution practice.
The Review Process
Each investment undergoes multiple in-depth performance reviews at defined intervals after closing. These reviews evaluate the full range of relevant parameters — leasing velocity, operational efficiency, cost control, and value-enhancement execution — against the original investment pro forma.
Particular attention is paid to isolating the specific factors behind each asset's performance relative to projection. This forensic approach to understanding variance — whether favorable or unfavorable — creates a continuously expanding knowledge base that directly informs future investment decisions.
The discipline was developed over hundreds of performance reviews spanning several years of investment activity at Spieker Properties, Broadreach Capital, and Kilroy Realty, where it contributed to achieving the highest Return on Invested Capital among all comparable REITs.
Pro Forma Accountability
Every acquisition and development project is measured against its original underwriting assumptions. Variance analysis across revenue, cost, and timing parameters creates a feedback loop that refines future projections.
Pattern Recognition
Hundreds of post-investment reviews across hundreds of assets and four market cycles have built a proprietary database of performance patterns. This institutional knowledge identifies which market signals, asset characteristics, and operational strategies reliably predict outperformance.
Predictive Sharpening
The 'lessons learned' from focused reviews provide invaluable feedback that sharpens management's ability to predict the potential performance of new investments and measure the effectiveness of value-added strategies before committing capital.
Continuous Improvement
The review process measures not only asset performance but also the effectiveness of specific operational interventions — tenant improvement strategies, lease structuring, capital expenditure programs — creating a continuously refined operational playbook.
Market Expertise
Deep West Coast Knowledge
San Francisco
Asset Value
$14B+
Assets
40+
Square Feet
20M SF
Experience
30+ years
Silicon Valley
Asset Value
$15B+
Assets
200+
Square Feet
30M SF
Experience
30+ years
Los Angeles
Asset Value
$20B+
Assets
95+
Square Feet
—
Experience
30+ years
Puget Sound
Asset Value
$5B+
Assets
40+
Square Feet
9M SF
Experience
30+ years
Leadership
Proven Investment Professionals
Eli Khouri
Founder
40 years of experience directing strategic investment activity including acquisitions, development, value-added projects, and dispositions across the full spectrum of commercial real estate.
Former President & CEO, Equity Office Properties (Blackstone affiliate) — 40M+ SF
Former EVP & CIO, Kilroy Realty Corporation (NYSE: KRC)
Co-founder & Managing Director, Broadreach Capital Partners — $1B equity, $3B transactions, 60 deals
Former CIO, Spieker Properties — $5B acquisitions, $1.4B dispositions (140 assets), 42M SF. Chair, Investment Committee. Led $750M strategic portfolio repositioning.
Stanford University, B.S. Civil Engineering
Board of Directors, Corporación Inmobiliaria Vesta (BMV: VESTA)
David Dowdney
Founder
30 years of experience in asset management, acquisitions and operations, and leasing of office, industrial, and multifamily across U.S. markets.
Former EVP Western US, Columbia Property Trust — multi-billion in acquisitions/dispositions, 2.5M SF leased
Former MD Asset Management, GE Capital Real Estate — 18M SF national portfolio
Former Acquisitions Director, Arden Realty — several billion in office/R&D/Life Science
Former VP, DivcoWest Properties — 4M SF office/R&D portfolio
UCLA, B.A. Economics
UC Berkeley, MBA Finance/Real Estate
Selected Prior Institutional Investors
Representative Experience
Selected Properties
A selection of properties from our principals' combined experience across West Coast markets. [Investment unless noted]
Investment
Market Center
San Francisco, CA
290,000 SF
350 Mission Street
San Francisco, CA
420,000 SF
360 Third Street
San Francisco, CA
285,000 SF
The Exchange
San Francisco, CA
750,000 SF
333 & 345 Brannan Street
San Francisco, CA
225,000 SF
Key Center
Bellevue, WA
415,000 SF
333 Dexter (Kilroy/Apple)
Seattle, WA
635,000 SF
401 Terry Avenue
Seattle, WA
320,000 SF
101 Mission Street
San Francisco, CA
400,000 SF
221 Main Street
San Francisco, CA
520,000 SF
44 Montgomery
San Francisco, CA
680,000 SF
88 Kearny Street
San Francisco, CA
165,000 SF
The Concourse
San Jose, CA
540,224 SF
Treat Towers
Walnut Creek, CA
380,000 SF
12100 Wilshire Blvd
Los Angeles, CA
375,000 SF
Wilshire Courtyard
Los Angeles, CA
460,000 SF
The Tower
Westwood, CA
206,936 SF
2600 Michelson
Irvine, CA
391,166 SF
Arboretum Courtyard
Santa Monica, CA
960,081 SF
Century Square
Pasadena, CA
205,653 SF
US Bank Tower
Portland, OR
540,000 SF
Lincoln Center
Portland, OR
725,961 SF
Mission Towers
San Francisco, CA
350,000 SF
NorthPark
San Jose, CA
460,000 SF
Development
100 Hooper Street
San Francisco, CA
395,000 SF
University Place
Palo Alto, CA
180,000 SF
Fireman's Fund Global HQ
Marin County, CA
720,000 SF
Technology Drive
San Jose, CA
194,538 SF
The Towers at Shores
Redwood Shores, CA
450,000 SF
RiverPark Towers
San Jose, CA
600,000 SF
Columbia Square
Hollywood, CA
490,000 SF
LinkedIn Campus
Mountain View, CA
560,000 SF
Synopsys Global HQ
Mountain View, CA
680,000 SF
Crossing 900
San Jose, CA
340,000 SF
150 University Avenue
Palo Alto, CA
120,000 SF
Advisory
Adobe Founders Tower
San Jose, CA
310,000 SF
Advisory
Fortinet Global HQ
Sunnyvale, CA
450,000 SF
Advisory
Fox Plaza
San Francisco, CA
715,000 SF
Advisory, Management & Leasing
Transamerica Pyramid
San Francisco, CA
530,000 SF
Advisory, Management & Leasing
Get in Touch
Contact Us
We welcome inquiries from institutional investors and strategic partners seeking exposure to West Coast commercial real estate opportunities.