simple past tense and past participle of lease
"The company leased the office space for five years before moving to a new location."
In plain English: To lease something means to rent it from someone for a specific period of time instead of buying it outright.
"They leased an apartment in the city center for their first year together."
Transferred under the terms of a lease.
"The company leased its entire office building to a new startup firm for five years."
In plain English: Leased means something is rented out for a specific time instead of being owned outright.
"The leased apartment was ready for move-in next week."