SAN JOSE — The co-founder of WeWork has exited his part ownership in six downtown San Jose sites, including the landmark Bank of Italy building, following a financial revamp orchestrated by local developer Gary Dillabough that bestows fresh capital on the choice properties.

The Bank of Italy office tower, the Museum Place site, the Valley Title property, the site of the now-shuttered Bo Town Restaurant, the Davidson office building, and a big surface parking lot along Fountain Alley behind the Bank of Italy building have been bought in a string of transactions for a combined amount that approaches $200 million, according to Santa Clara County public records that were filed on Feb. 12.

The involvement of WeWork co-founder Adam Neumann in the six downtown properties has been a hush-hush matter from the outset. However, multiple county documents show property tax statements and other ownership documents related to the San Jose locations were being mailed to Manhattan locations where Neumann maintained his offices.

Canada-based Westbank, one of the world’s largest developers, is the new partner with Dillabough on the properties, Dillabough said Thursday. A slew of property transactions occurred on Feb. 12 to accomplish the WeWork founder’s divestiture.

All told, the Westbank-Dillabough group paid a combined $184 million for the properties, according to documents filed on Wednesday with Santa Clara County. Financial terms for the Museum Place site and the Davidson building weren’t disclosed.

The responsible party who signed off on the property sales was investment executive Max Fink, public records show.

Fink, according to multiple published reports, is a member of a triumvirate of financial experts who have emerged to manage Neumann’s estimated $1 billion in wealth. Neumann is believed to be a billionaire even after his ouster in 2019 from WeWork, a space-sharing company whose initial public offering flopped on Wall Street.

Even prior to the Neumann exit from WeWork in September 2019 and the company’s IPO, Dillabough began to work diligently to find capital and investors to replace the ownership stakes that Neumann had in the San Jose properties.

The efforts by Dillabough are expected to place the six projects on a much more sturdy financial foundation so upgrades or brand-new development projects can proceed, according to the sources.

At the Bank of Italy building, a wide-ranging renovation is underway inside the structure to restore the office tower to its original beauty.

The other five properties — Museum Place, Valley Title, Bo Town, the Davidson Building site, and the Fountain Alley parking lot — are all large enough that they are ripe to be redeveloped as big new projects.

The new ownership group paid $113 million for the Valley Title lot near East San Carlos Street and South First Street, $33 million for the Bank of Italy tower at 12 S. First St., $27 million for the Fountain Alley parking lot that fronts on South Second Street near East Santa Clara Street, and $11 million for the Bo Town property at 409 S. Second St. near East San Salvador Street, the county documents show. The buyers acted through four different affiliates.

Westbank also has bought a stake in Museum Place on Park Avenue and in the Davidson office building at 255 W. Julian St.

“A big institutional investor” is how one commercial property expert described the new ownership.