According to man dhcpd.leases "the file is rewritten from time to time". Apparently that is once an hour in the absence of activity, or after every thousand
leases that are written. It looks like Mitel changed that behaviour?
But as Charlie said, it doesn't really matter. Eventually it gets flushed and the file never even approaches the size of, say, /var/log/messages.
It even provides you with some forensic evidence. For example, your logs tell you that IP 192.168.208.69 did something naughty yesterday at 14:05 and you need to know who that bugger was. Have a look in dhcpd.leases and you'll know his MAC address.
Michiel