I'm sure there are many methods to find the center of a rectangular surface, Vijay. It depends on what information you know.
Your method of using formulas is good, as is Yika's suggestion to build the surface around the centerpoint axis.
Another method is to use the Measure Inertia tool to find the center of gravity of the surface (centroid) and use the Create Geometry option to make a point. (if the surface is not flat, Project the center of gravity point onto the surface)
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