It requires some javascript. I see you're using jQuery, so this should work:
Give some id to your parent div:
<div style="height:500px;" id="parent">
<div>Some Content Here</div>
<div>This div needs to take up the rest of the space of its parent</div>
</div>
Then in jQuery:
$('div#parent div:last').each(function() {
var p = $(this).parent();
$(this).height(p.height() - ($(this).offset().top - p.offset().top));
});
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