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The phrase "lease of" is grammatically correct and commonly used in written English
It is typically used to refer to a contract or agreement in which one party agrees to rent or lease a property or asset from another party for a specific period of time. Example: "The landlord and tenant signed a lease of the apartment for one year."
Exact(60)
"It's a new lease of life.
And it has given him a new lease of life.
The desert blues has a new lease of life.
He says he has found a new lease of life.
The lease of $600 a month is heavily subsidized.
Gay culture found a new, terrible lease of life.
"It's given him a new lease of life," he says.
He had taken on a new lease of life.
The Lions, though, are enjoying a new lease of life.
We're just giving it a new lease of life.
This was followed by a 99-year, $563m lease of parking garages in 2006 and a 75-year, $1.15 billion lease of parking meters in 2008.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com