0x80070005 <-- Permissions error.
So it failed.
Go into the Exchange System Manager, expand servers, right click on your Exchange Server, go to Properties, Security, and then make sure these three are checked off:
- administer information store
- receive as
- send as
Check the mailbox store level as well.
Also make sure the besadmin has delegate control over your Exchange Servers with the Exchange View Only Administrator permission.