The 10-year venture between the Council and Serco offers potential savings of £73m and a programme of property rationalisation and better customer services.
An independent public-sector comparator study concluded that the proposal offers a 25% saving in value for money against a Council-only solution.
Council leader Steven Purcell said: "We are the first council in Scotland to adopt this radical approach to service reform. This is a unique collaboration that will bring real benefits to Glasgow's citizens by accelerating the delivery of services."
The 285 staff affected by the move have the choice to be seconded to the joint venture. As such, all employees' current terms and conditions are protected and maintained.
Ian Tully, the Council's Head of Shared Services, added: "The partnership will allow us to build our services around the demographics and needs of Glasgow's citizens. Serco's breadth of experience in public services gives us a partner who will help us ensure ongoing innovation, value and quality of delivery."
Key benefits of the collaboration include a commitment from Serco to create a Scottish HQ in Glasgow.
A spokesperson for Serco said: "We are delighted Glasgow is continuing to support our proposal, and we look forward to working further with the Council as we move towards the final stages of the agreement. The proposed joint venture will improve services for Glasgow citizens through joined-up, cost efficient delivery of first class property and ICT services."
Other benefits include a 20% efficiency saving through the introduction of first class ICT services and reducing the council's city centre office capacity by 35%. This also has environmental benefits through shorter journeys for both citizens and staff.
Providing flexible ICT working arrangements for staff (allowing hot-desking and home-working) will help ensure the very best services are delivered to the public over the long-term.
The Committee also agreed the establishment of an LLP for the disposal of the Council's surplus land and property. Once established, the LLP should procure a joint venture commercial partner through a competitive tendering process. The Council will seek a commercial partner with a track record in development, and who is able to bring these skills to bear in the strategic and day-to-day operation of the company.
Previous Council reports have indicated that there was a need to increase the rate at which assets were disposed of in order to help secure the Council's priorities through capital expenditure programmes and to generate revenue savings from the costs associated with managing surplus land and property. It is estimated that total immediate receipt for the Council upon sale of the properties under the preferred joint venture option may be approximately £80million. This sum would then be used to support the Council's priorities.
Councillor George Ryan, Executive Member for Development and Regeneration at Glasgow City Council, said: "These partnerships will help us to ensure that we provide accessible, accountable and effective Council services that offer value for money. We have already established a number of similar arms-length companies in Glasgow, and we are continuing that process with these new proposals. They represent significant developments for us as we continue our efforts to improve the lives of everyone who lives and works in the city."