prelease

[pree-lees]
verb (used with object), pre·leased, pre·leas·ing.
  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
  1. a lease on a building, apartment, etc., that is offered or signed before construction has begun.

Origin of prelease

Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2018