Cochran eagled the par-5 eighth at the TPC-Snoqualmie Ridge course and then birdied four of the final five holes to finish a shot in front of Jeff Sluman.
Cochran has finished fourth or better six times this year and won the British Senior Open. He is sixth on the Champions Tour money list.
Kenny Perry was among those who shot a 69 Friday while Hal Sutton and Mark Calcavecchia were part of the group at 70.
Swim Week Miami Beach 2014 [PHOTOS]