Keenest to promote the news is Derwent London, the development group that recently refurbished the site, which covers a pair of connected buildings on the famous Pentonville Rd, N1. Based on a 12-year leasehold agreement, Ticketmaster will occupy the entirety of Number 4 Pentonville Rd and the upper five floors of the building at Number 10.
Derwent London detailed the prices on the deal, so we know that Ticketmaster will be paying £1.9 million in rental costs per annum, based on the offices costing around £45 per sq ft to rent. There are to be “upwards-only” rent reviews five and then ten years into the 12-year leasehold.
“We are pleased to welcome Ticketmaster to our newly regenerated offices at 10-4 Pentonville Road, another leading business taking space in this rapidly improving, vibrant location,” said John Burns, Derwent London’s chief executive.
As its name perhaps suggests, Derwent London’s investment and development efforts are focused entirely on the UK capital. Its portfolio was valued at roughly £2.7 billion in June 2012. One of its grandest schemes has been the regeneration of the Angel Building in Islington, which is very close to the new offices where Ticketmaster will soon expand its UK operations.
Pentonville Rd and the Angel Building are situated relatively close to Hackney’s Old Street Roundabout area, where a growing population of start-up technology and media companies use office space owned by larger operators in the same industry. The site near the City of London is becoming known in some circles as the Silicon Roundabout.
Editor’s notes: The 10-4 Pentonville Road building was completed by Derwent London in 2012 and Ticketmaster took a lease on the whole building.
As of August 2024, Ticketmaster’s LinkedIn page lists the Pentonville Road postcode as the location of its London office.