Nuclear startup Oklo said on Wednesday that it has finalized an agreement with the U.S. Department of Energy for carrying out site investigations related to the company's proposed small nuclear reactor in Idaho.

Oklo, the nuclear energy company backed by Sam Altman, will begin preparatory work on a site in Idaho, where it could set up its first reactor as early as 2027. The Department of Energy (DOE) granted Oklo access to its preferred site at Idaho Falls in a recently announced Memorandum of Agreement (MOA).

In CRE news, Newmark announced that it has arranged the sale of the Phoenix Hotel at 601 Eddy St. in the Tenderloin neighborhood. The seller was Ziegler Family LLC and the buyer was Michel Suas, owner of the San Francisco Baking Institute,

The nuclear startup has received the greenlight from the Department of Energy to conduct site investigations for the planned reactor in Idaho Falls, Idaho.