In one of the year’s largest San Fernando Valley industrial leases, growing baby products company Munchkin Inc. has signed a 10-year deal for 313,000 square feet in Van Nuys.

Sources with knowledge of the Van Nuys submarket said the deal was worth about $15 million.

Munchkin, based in North Hills, is leasing the space at 7800 Woodley Ave. across from Van Nuys Airport from Superior Industries International Inc., a publicly traded company that is one of the biggest wheel manufacturers in the world.

Superior, hit hard by the near collapse of the domestic auto industry, shut down its Van Nuys facility in December, but still has five other manufacturing sites in North America. As such, the lease indicates some level of recovery in the Los Angeles County economy as successful companies seize lease deals created by the recession.

“I think based upon the market it was an opportunistic deal for the tenant,” said broker Brett Warner of Lee & Associates, who represented the wheel maker. He declined to disclose financial terms.

Munchkin will warehouse products on the property, which includes a 225,000-square-foot building and two others totaling about 90,000 square feet. The company moved in this month.

The buildings sit on 17 acres Superior leases from landowner Los Angeles World Airports, the city agency that owns and operates the Van Nuys Airport.

Warner said there are about 15 years remaining on Superior’s long-term ground lease with LAWA. Superior spent an undisclosed amount of money renovating the property this spring to prepare it for Munchkin. Upgrades include a new roof and loading docks, Warner said.

Amy Osete, vice president of marketing for Munchkin, said the company has consolidated three different county warehouses into the property, which also gives the company plenty of growing room.

“We’ve typically stayed in (Van Nuys), so this was our first choice,” said Osete.

The company expects to have the facility operational by July.

Tom Specker, Randy Kobata and Mike Tingus of Lee & Associates also represented Superior. Robert L. Mani of LuxeGlobal Inc. represented Munchkin. Mani declined to comment.

A LAWA spokeswoman said the Board of Airport Commissioners is expected to formally vote on approving the lease at an upcoming meeting.

Law Firm Lease

Kaye Scholer LLP, a New York law firm specializing in antitrust cases and litigation, has signed a lease valued at about $22 million to remain in its Century City offices.

The firm signed its renewal in mid-May for 42,000 square feet at 1999 Avenue of the Stars, known as the SunAmerica Center. Kaye Scholer is retaining all of floors 16 and 17, but vacating half of 18.

The Class A tower is owned by Equity Office Properties, a unit of New York private equity group Blackstone Group LP.

Broker Gary Weiss of L.A. Realty Partners said that Kaye Scholer no longer wanted the 18th floor space because in an era when many law resources are online it doesn’t need a large law library and was able to find other ways to use its space more effectively.

“They are consolidating into more efficient space,” said Weiss, who represented the law firm.

Kaye Scholer considered leaving the property and only looked for space in a handful of other Westside submarkets, such as Westwood.

“We started the search about a year ago, which is what you have to do when you have a lot of space,” Weiss said. “But it was primarily a Century City (search).”

Weiss declined to discuss the financial terms of the lease, but said that it was “economically very compelling” for his client. The lease was structured to start retroactively in April.

Andrew Goodman of Equity Office, who represented the landlord, declined to comment.

As part of the renewal, the space is being renovated. Kaye Scholer is temporarily using other space in the building during the renovation. The landlord and tenant are splitting the cost of the work. Typically, the renovation of top law firm space costs between $75 and $125 per square foot.

Kaye Scholer did not return phone calls seeking comment. Christine McRoskey of L.A. Realty also represented the tenant.

Staff reporter Daniel Miller can be reached at [email protected] or (323) 549-5225, ext. 263.