(Philadelphia, Pa, July 1, 2004) Peirce College graduated its first two students with bachelor's degrees in business administration with a real estate management concentration as the result of a special partnership with the Chicago-based Institute of Real Estate Management (IREM^®).

Geraldine Bogan and Rob Crowley share this inaugural honor. Bogan is the Director of Real Estate Services for the Educational Testing Service, Princeton, N.J., and Crowley is a property manager at Corcoran Management Company, Braintree, Mass. Both have already been awarded IREM's prestigious Certified Property Manager^® (CPM^®) designation and were able to apply the IREM^® courses required to earn the designation for credit toward their degree. Similarly, anyone who has successfully completed IREM^® courses, whether pursuing a designation or not, can receive course credit from Peirce when they enroll in a degree program.

Bogan and Crowley earned their degrees at Peirce by way of distance learning, or the Internet, as a result of the college's innovative Peirce Online^®, one of the most respected and successful distance learning programs in the United States.

According to IREM President Tony Smith, the unique partnership between IREM^® and Peirce came about because many IREM^® members and students were anxious to earn a bachelor's degree. “We are always eager to encourage professional development,” said Smith, “and view our relationship with Peirce College as an excellent way to advance this goal.”

“The opportunity for educational synergy between Peirce and IREM^® was readily apparent,” explains Dr. Patricia Rucker, Vice President for Academic Advancement and Chief Academic Officer at Peirce. “So our two business-oriented institutions decided to take advantage of our mutual strengths. We were fortunate to be able to establish a relationship with one of the most prestigious real estate organizations in the country,” Dr. Rucker concluded.

Bogan, who served as one of Peirce College's student graduation speakers, had never before taken any courses in the virtual classrooms of online education. “The program worked extremely well for me,” she says. “It allowed me to really focus on the work at hand and to concentrate on assignments and class participation. If I had tried to commute the old-fashioned way, all I would have worried about was traffic and trying to park. This is ideal for busy people who have careers that require them to travel a lot.”

The solid combination of practical, hands-on learning plus a rigorous, theoretical background appealed to Crowley . “I already had several real estate courses and training programs completed through IREM^®,” he notes. “Then, at Peirce Online, I was able to concentrate on developing leadership skills. That was very advantageous for me. You can do the work at home and pick up the concepts very quickly because you are blocking out time and dedicating it to the courses. It was great.”

ABOUT PEIRCE COLLEGE
Peirce College, located in downtown Philadelphia, is a specialized, four-year institution that grants Bachelor's and Associate's degrees in Business Administration, Information Technology, and Paralegal Studies. The College primarily educates working adult learners. Classes are available on campus in the Center City Philadelphia business district; on site, at employer and convenient community locations; and online, through Peirce Online, the College's fast-growing eLearning program.

For further information, please call 888-GO-PEIRCE, extension 9341 or visit Peirce College at www.peirce.edu or e-mail us at media@peirce.edu.

ABOUT THE INSTITUTE OF REAL ESTATE MANAGEMENT
The Institute of Real Estate Management (IREM^®) has been the source for education, resources, information and membership for real estate management professionals for more than 70 years. An affiliate of the NATIONAL ASSOCIATION OF REALTORS^®, IREM is the only professional real estate management association serving both the multi-family and commercial real estate sectors. With 82 U.S. chapters, seven international chapters, and several other partnerships around the globe, IREM is an international organization that serves as an advocate on issues affecting the real estate management industry.

Membership includes nearly 16,000 individual members and 530 corporate members. IREM promotes ethical real estate management practices through its credentialed membership programs, including the Certified Property Manager^® (CPM^®) designation, the Accredited Residential Manager^® (ARM^®) certification, and the Accredited Management Organization^® (AMO^®) accreditation. These esteemed designations certify competence and professionalism for those engaged in real estate management. In addition, IREM offers Associate membership status.

To learn more about the Institute of Real Estate Management, call (800) 837-0706, Ext. 4650 (outside the U.S. call (312) 329-6000) or visit www.irem.org.