San Francisco’s DivcoWest will attempt what two previous developers failed to accomplish: build new office and lab space in the heart of Cambridge’s sought-after Kendall Square.

The development will replace a daycare center and vacant office building at 399 Binney St. with 172,500 square feet of office or lab space. DivcoWest is expected to begin construction on speculation, pending final approvals and expiration of an appeal window, according to a real estate source.

Tech companies are in the market for approximately 1 million square feet of space in Cambridge, with most focusing on the Kendall Square life science hub. East Cambridge vacancies ended 2015 at 4.5 percent for office space and 1 percent for lab space, according to Cushman & Wakefield research.

DivcoWest acquired the One Kendall Square from Related Beal and Rockwood Capital in 2014, paying $395 million for 11 buildings totaling 670,000 square feet and a 1,500-space parking garage.

Attempts to build larger and taller structures on the site under previous ownership were blocked by community and political opposition. The Cambridge planning board approved a special permit for the latest proposal last week.

DivcoWest reduced the maximum height from 85 to 45 feet and the scope of the new development from 400,000 square feet to 172,500 square feet, including 40,000 square feet of below-grade space, according to documents filed with the city by development consultant McKinnon Co. of Cambridge.

DivcoWest also plans a new pedestrian plaza serving as an entry to 399 Binney St. and the neighboring Kendall Square Cinema. The garage entry and exits will be relocated and new green walls and screening will be built.

Along with the garage, the 399 Binney St. site contains a Bright Horizons daycare center, which is relocating to 286 Cardinal Madeiros Ave., and a vacant office building.