CHICAGO—This is a good time to be an office tenant in West Loop. Many landlords in the submarket may be considering the possibility that their tenants could leave once a series of new office towers open for business starting in 2016, and seem open to making concessions.

“All landlords of second generation buildings are competing for tenants - not just as a result of new construction, but also due to the space left behind by tenants moving to those new buildings,” Rick Schuham, executive vice president of Savills Studley, tells GlobeSt.com.

Savills Studley, for example, has just helped a long-term client, Horwood Marcus & Berk Chartered, to renew and expand its lease to 36,295 square feet at the 42-story Citigroup Center, 500 W. Madison St. HMB will now lease the entire 37^th floor.

“We were able to secure the balance of the floor for a very competitive economic structure, in addition to a garnering a generous concession package that will enable the renovation and expansion of the space,” Schuham adds, although he can't divulge exact details of the lease. HMB has occupied 28,850 square feet of space in the building since 2010.

Schuham and executive vice president John Goodman of Savills Studley negotiated the transaction for the firm. Michael Lirtzman and Courtney Baratz of Transwestern represented the landlord, KBS Realty Advisors.

Developer Hines' River Point at 444 W. Lake St. will open in late 2016 and like the downtown's other rising towers, has attracted a great deal of interest. In March, Hines senior managing director Greg Van Schaack told GlobeSt.com that the 52-story, 1.05 million square-foot building was 55% leased. Furthermore, tenants looking to occupy a full floor or two floors were starting to ramp up their decision-making process “so we expect to have more things to announce in the coming weeks and months.”