We present new $H$ (1.5-1.8 $μ$m) photometric and $K_1$ (1.9-2.2 $μ$m) spectroscopic observations of the young exoplanet HD 95086 b obtained with the Gemini Planet Imager. The $H$-band magnitude has been significantly improved relative to previous measurements, whereas the low resolution $K_1$ ($λ/δλ ≈ 66$) spectrum is featureless within the measurement uncertainties, and presents a monotonically increasing pseudo-continuum consistent with a cloudy atmosphere. By combining these new measurements with literature $L^{\prime}$ photometry, we compare the spectral energy distribution of the planet to other young planetary-mass companions, field brown dwarfs, and to the predictions of grids of model atmospheres. HD 95086 b is over a magnitude redder in $K_1-L^{\prime}$ color than 2MASS J12073346-3932539 b and HR 8799 c and d, despite having a similar $L^{\prime}$ magnitude. Considering only the near-infrared measurements, HD 95086 b is most analogous to the brown dwarfs 2MASS J2244316+204343 and 2MASS J21481633+4003594, both of which are thought to have dusty atmospheres. Morphologically, the spectral energy distribution of HD 95086 b is best fit by low temperature ($T_{\rm eff} =$ 800-1300 K), low surface gravity spectra from models which simulate high photospheric dust content. This range of effective temperatures is consistent with field L/T transition objects, but the spectral type of HD 95086 b is poorly constrained between early L and late T due to its unusual position the color-magnitude diagram, demonstrating the difficulty in spectral typing young, low surface gravity substellar objects. As one of the reddest such objects, HD 95086 b represents an important empirical benchmark against which our current understanding of the atmospheric properties of young extrasolar planets can be tested. ; Comment: 20 pages, 12 figures, accepted for publication in ApJ