The recent discovery by Pan-STARRS1 of 1I/2017 U1 ('Oumuamua), on an unbound and hyperbolic orbit, offers a rare opportunity to explore the planetary formation processes of other stars and the effect of the interstellar environment on a planetesimal surface. 1I/'Oumuamua's close encounter with the inner solar system in 2017 October was a unique chance to make observations matching those used to characterize the small-body populations of our own solar system. We present near-simultaneous g′, r′, and J photometry and colors of 1I/'Oumuamua from the 8.1 m Frederick C. Gillett Gemini-North Telescope and gri photometry from the 4.2 m William Herschel Telescope. Our g′r′J observations are directly comparable to those from the high-precision Colours of the Outer Solar System Origins Survey (Col-OSSOS), which offer unique diagnostic information for distinguishing between outer solar system surfaces. The J-band data also provide the highest signal-to-noise measurements made of 1I/'Oumuamua in the near-infrared. Substantial, correlated near-infrared and optical variability is present, with the same trend in both near-infrared and optical. Our observations are consistent with 1I/'Oumuamua rotating with a double-peaked period of 8.10 0.42 hr and being a highly elongated body with an axial ratio of at least 5.3:1, implying that it has significant internal cohesion. The color of the first interstellar planetesimal is at the neutral end of the range of solar system g − r and r − J solar-reflectance colors: it is like that of some dynamically excited objects in the Kuiper Belt and the less-red Jupiter Trojans.