I think both numbers are low, but the higher one is closer, and it's dependent on what he assumed to be the exchanger temperature. You're transfering heat from hot air to metal, then from metal to ambient.
Since you want to remove ALL the heat from the hot air, the output must be close to ambient and the metal must be close to ambient. BUT, that means that the heat moved from the hot air has a harder time getting into the ambient air because the temperature delta is MUCH smaller, and is what is driving the area of the exchanger. If you assume that the metal is at 75ºF, the 5ºF delta causes the ambient side to be at least 1900 ft2 in area. If your coworker used a 15ºF, then you'd get 630 ft2 area.
I assume that a counter-flow HX will have an additional inefficiency compared to a normal HX, so the area ought to be even larger, or maybe he assumed an even higher delta.
The minimum sized area must be where the metal is approximately halfway between 250ºF and 70ºF.
TTFN