Available with Production Mapping license.
The Elevation toolset contains a tool that calculates the highest known terrain or vertical obstruction in a cell.
Calculates Maximum Elevation Figures (MEF) for each polygon cell or quadrangle in the MEF Feature Layer. MEF values are the elevation of the highest natural or manufactured obstruction plus a vertical error and allowance. This sum is rounded to the next higher hundred-foot level. You use these values as labels for the MEF Feature Layer.