prelease

prelease

[pree-lees]
verb (used with object), preleased, preleasing.
1.
to sign or grant a lease on (a building, apartment, etc.) in advance of construction: Agents have preleased more than 60 percent of the new building.
noun
2.
a lease on a building, apartment, etc., that is offered or signed before construction has begun.

Origin:
pre- + lease1

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Based on the Random House Dictionary, © Random House, Inc. 2014.
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