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Meaning of prelease

pre•lease

Pronunciation: (prē-lēs'), [key]
— v., n. -leased, -leas•ing,
—v.t.
  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.
—n.
  1. a lease on a building, apartment, etc., that is offered or signed before construction has begun.
Random House Unabridged Dictionary, Copyright © 1997, by Random House, Inc., on Infoplease.