Needham-based Bulfinch Cos. has sold 199 Wells Ave. in Newton to AG-JCM Wells Avenue Property Owner LLC, a partnership of Angelo, Gordon & Co. of New York and Quincy-based Jumbo Capital Management, for $7 million.

The 3-story multitenant building in Wells Business Park contains 42,682 square feet of office space and is currently 80 percent occupied. Bulfinch acquired the property for $3.4 million in 1996 from Metropolitan Life Insurance Co. and upgraded the occupancy rate through a repositioning and redevelopment program.

The property’s future prospects are aided by the recent opening of the Kendrick Street ramp which improves access to I-95/Route 128, Bulfinch Cos. said in a statement. The office park is part of the N2 Innovation Corridor, a section of Newton and Needham that local officials are positioning as a tech cluster to compete with Boston and Cambridge.

HFF’s Ben Sayles represented the seller and procured the buyer.

In a statement, Bulfinch Cos. CEO Eric Schlager said the transaction is the latest in a series of sales of non-core assets totaling nearly $200 million.

Jumbo Capital and Angelo Gordon acquired two other office buildings on Wells Avenue in March. They paid $62.3 million for 7-57 and 75-85-95 Wells Ave., which contain 332,194 square feet of office space.