Pressel, who won her last LPGA title in 2008, hit eight birdies during her bogey-free round to match Lee's mark of ten-under after 36 holes.
Lee, who was the sole leader with her 65 in the first round, nailed six birdies and three bogeys during her second round 69.
The American duo of Alison Lee and Cristie Kerr are tied in third place on the leaderboard and remain one shot behind Pressel and Lee following an excellent 66 and 68 respectively. A further shot back are Maria Hernandez, Sakura Yokomine, Hyo Joo Kim and Brittany Lang.
World number two Inbee Park, who won in Singapore and came second in a Ladies European Tour event in China, is four shots behind Pressel and Lee following a second round 70.
Meanwhile, world number one Lydia Ko remains tied ninth and three shots behind Pressel and Lee following after carding a second round 70.
Ko looked in good form on Friday, with the 17-year-old hitting back-to-back birdies on the seventh and eighth holes. However, her positive momentum was halted when she carded a bogey on the 15th. Joining Ko in ninth place is world number three Stacy Lewis.
Defending champion Anna Nordqvist is seven strokes behind the leaders as she followed up her first round 72 with a 69.