Transfer Tax Loophole?

There is some question about whether the recent $250 million sale of the U.S. Steel Tower is subject to the real estate transfer tax, which would amount to about $10 million for the city, the school district and the state.

The state Department of Revenue is responsible for enforcing the tax. Pittsburgh School District Solicitor Ira Weiss says some transactions are exempt from the transfer tax, but so far it looks like it should be paid, so they're asking the state to look into it. Apparently the tax is required if a new owner is recorded on the deed, which has not happened.

The U.S. Steel Tower is at 600 Grant Street and is now topped by the logo of UPMC, the largest tenant. Other major tenants are U.S. Steel and PNC Bank.