The Commission voted 8 to 1 in favor, with L.A. City Councilman Bernard Parks casting the opposing vote.
Under the agreement, the commission continues to oversee both buildings but USC will control day-to-day operations, including scheduling of events and possible naming rights negotiations.
The lease with USC has an initial term of 20 years, with five renewal options that could extend it to 2054.
The lease includes a provision that allows the temporary use of the Coliseum by an NFL team if necessary.
The Associated Press contributed to this report.