There has been an increasing interest in using residual deformation as a seismic performance indicator for earthquake resistant building design. Self-centering braced structural systems are viable candidates for minimizing residual deformations following a major earthquake. Hence, this study proposes an alternative type of buckling restrained brace (BRB) with externally attached posttensioned (PT-BRB) carbon fiber composite cables (CFCCs). The steel core of the brace is used as an energy dissipator, whereas the CFCCs provide the self-centering force for minimizing residual story drifts. Three proof-of-concept specimens are designed, fabricated, and cyclically tested at different posttensioning force levels. The CFCC behavior to obtain cyclic response, including the anchorage system, is examined closely. A parametric study is also conducted to show the effect of the different configurations of PT-BRBs on the inelastic response. Furthermore, optimal brace parameters are discussed to realize design recommendations. The results indicated that the implementation of partially self-centering BRBs in building frames can lead to the target residual displacements. A stable behavior is obtained for the proposed PT-BRBs when subjected to the loading protocol specified in the American Institute of Steel Construction (AISC) 2016 Seismic Provisions.